Key Takeaways The small-cap space has started to show momentum in recent weeks. The ultra-popular iShares Russell 2000 ETF (IWM) has gained nearly 19% so far this year (as of June 24, 2026), outpacing the gain of 7.4% for the broad market fund State Street SPDR S&P 500 ETF Trust (SPY) . State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has added about 17.4% so far this year. Various factors are supporting the small-cap rally. Invesco DB US Dollar Index Bullish Fund (UUP) is up about 5% this year due ...