![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFgYaeIYPH04SpdsTwC6wHLUAgZ3uqWuqdaG9UKtSJKzK8XzKwlrBLI-5JlcUuRBroYn4PVSpwKHESroO7cHyOyUVYqN965geL25BK3iBQNem6ri_pLprrsuDREBJBDog8dQYBgQ/s400/Style091407.gif)
The laggard over the course of the year has been value, with small cap value actually in the red for the year.
Since July, however, we've seen a style shift. Here's how the indexes have fared since their July peak:
VBK: -6.16%
VBR: -8.84%
VUG: -3.08%
VTV: -4.68%
Clearly small caps have underperformed large caps during the recent market turmoil. One possible reason is that a weaker dollar is more likely to benefit multinational companies with a significant proportion of sales overseas. These are more likely to be found in the large cap universe.
In my next post, we'll examine returns across the style cube.
RELEVANT POSTS:
My Last Look at the Style Box
From Style Box to Style Cube