Small-cap exchange traded funds are now trailing the S&P 500 after falling harder than the blue-chip index in the recent sell-off.

The small-cap iShares Russell 2000 (NYSEArca: IWM) was up 6.6% year to date as of Tuesday’s close, compared with a gain of 8.7% for the S&P 500, according to Morningstar.

Other small-cap ETFs include iShares S&P SmallCap 600 (NYSEArca: IJR) and Vanguard Small Cap ETF (NYSEArca: VB).

Smaller stocks often lead market rallies, although the asset class is more volatile than more established, large-cap names.

“Small-cap stocks tend to be more volatile due to narrower economic moats and a greater sensitivity to macroeconomic risks,” says Morningstar analyst Michael Rawson in a report on IWM.

The fund has an expense ratio of 0.26%. The average market cap of a stock in the small-cap fund is about $1 billion, compared with $50 billion for the S&P 500.

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