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Sep 04 2026

Valuations: Small Cap Vs. Large Cap

  • Sep 4, 2026

This matches last month’s “narrowest” reading of the past year. Our Ratio of Ratio’s small-cap discount hasn’t been above today’s level in five years. On top of that, this vignette hasn’t been at its long-term average (Small Cap/Large Cap P/E parity) in eight years.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil is a Co-Portfolio Manager and Sr. Research Analyst at The Leuthold Group, LLC. He is a member of the asset allocation and investment committees and is a major contributor to the firm's research publications.

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