Since 2020, the small-cap U.S. stocks represented by the Russell 2000 have continued to underperform the market. According to the data, the growth rates from 2020 to the present are as follows: Small-cap Russell 2000: up 43.2%. MSCI World: up 59.09%. S&P 500: up 83.52%. NASDAQ: up 111.57%. Over four years, small-cap U.S. stocks have underperformed the S&P 500 index by 40 percentage points and have lagged behind the NASDAQ by nearly 70 percentage points. With the election of Trump, the market expected a rally in small-cap U.S. stocks. Therefore, after Trump's election as President of the United States in November, small-cap U.S. stocks experienced a surge, with the Russell 2000 index seeing a strong rise in November.