small cap
We tested the small-cap growth premium across 14 exchanges over 25 years. India leads at +5.59% vs SPY. 4 outperform (all emerging/frontier), 10 underperform (all developed). The size premium survives where analyst coverage is thin.
small cap
German small-cap growth stocks returned 4.79% CAGR over 25 years, slightly trailing DAX by -0.25%/yr and SPY by -3.06%/yr. With 47% down capture and 74% up capture versus DAX, the strategy had correct asymmetry but a weak benchmark.
small cap
NSE small-cap growth stocks: 13.44% CAGR over 25 years, +5.59% excess vs SPY, +1.38% vs Sensex. India is the top outperformer in a 14-exchange study. The size premium survives where analyst coverage is thin.
small cap
Japanese small-cap growth returned -1.17% CAGR over 25 years, turning $10,000 into $7,447 — a net loss. Underperformed Nikkei 225 (3.31% CAGR) by -4.48%/yr. With 40% annual win rate and 75.5% down capture versus Nikkei 225, this is one of the clearest cases of a factor premium failing completely.
small cap
Korea's small-cap growth screen returned 5.54% CAGR over 25 years. The KOSPI benchmark returned 5.35%. The strategy beat the local market by +0.19% per year. That's not a rounding error, but it's close. Contents 1. Executive Summary 2. The Method 3.
small cap
South African small-cap growth stocks returned 10.81% CAGR with +2.96%/yr excess over SPY across 25 years, turning $10K into $130,480. The frontier market size premium survives where analyst coverage is thin.
small cap
We ran a small-cap growth screen on the Stockholm Stock Exchange from 2000 to 2025. The result: 6.56% CAGR vs OMX Stockholm 30's 2.55%, with +4.01%/yr local excess despite a -45.5% drawdown in 2021.
small cap
Switzerland's small-cap growth screen returned 7.03% CAGR vs SMI's 1.74% over 25 years, beating the local benchmark by +5.29%/yr with a Sortino of 0.781.
small cap
Taiwan's small-cap growth screen returned 4.38% CAGR, barely ahead of TAIEX at 4.09% (+0.29%/yr) and well behind SPY at 7.85% (-3.47%/yr). 36% win rate versus both benchmarks. Semiconductor-cycle pattern of feast-or-famine annual returns.
small cap
Thailand's small-cap growth screen returned 2.60% CAGR, underperforming the SET Index (5.13%) by -2.53%/yr and SPY (7.85%) by -5.25%/yr. Near-zero Sharpe of 0.004 and -59.62% max drawdown. The emerging market premium thesis doesn't hold here.
small cap
UK small-cap growth stocks returned 5.26% CAGR over 25 years, beating the FTSE 100 by +4.04%/yr but lagging SPY by -2.59%/yr. The maximum drawdown of -23.15% was the lowest of all 14 exchanges. For investors prioritizing UK exposure with capital protection, that asymmetry matters.
small cap
25 years of data, 36% win rate against the S&P 500, and $10K that became $35,734 while the index turned it into $65,900. The small-cap growth premium in the US has effectively disappeared.