Each time the markets fumble and get back up this year, large-cap growth stocks and related exchange traded funds have led the market rebound while small-cap value has consistently fallen behind.

While many academic studies have shown that U.S. value stocks and small-caps outperform over the long-term, large-cap growth stocks have taken the lead this year.

For instance, year-to-date, the iShares S&P 500 Growth ETF (NYSEArca: IVW) rose 6.3%, Vanguard S&P 500 Growth ETF (NYSEArca: VOOG) gained 6.4% and SPDR S&P 500 Growth ETF (NYSEArca: SPYG) returned 6.0%.

Meanwhile, small-cap value plays have fallen behind this year, with the Vanguard Small-Cap Value ETF (NYSEArca: VBR) down 1.1%, iShares S&P Small Cap 600 Value Index (NYSEArca: IJS) 4.2% lower and iShares Russell 2000 Value Index (NYSEArca: IWN) down 4.1%.

Value stocks typically trade at cheaper prices relative to fundamental measures of value, such as earnings and the book value of assets. In contrast, growth stocks tend to run at higher valuations since investors expect the rapid growth in those company measures.

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