Then there is the flawed notion of attempting to identify leaders among U.S.-focused small-cap ETFs. It is not difficult to make a list of U.S. small-cap ETFs that have been better than IWM over the past month, but “better” in this case really means “less bad.”

Of the 10 best non-leveraged broader small-cap ETFs over the past month, nine are international funds, a group that includes some surprises and familiar names. That group is populated by the Market Vectors Russia Small-Cap ETF (NYSEArca: RSXJ), Market Vectors India Small-Cap Index ETF (NYSEArca: SCIF) and the WisdomTree Europe SmallCap Dividend Fund (NYSEArca: DFE), among others. [Global Small-Cap ETFs Rally While U.S. Rivals Falter]

Direxion Daily Small Cap Bear 3X Shares

Tom Lydon’s clients own shares of IWM.