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After months of underperformance, value stocks—especially in the small-cap space—are staging a quiet comeback. But growth, particularly in the large-cap segment, remains firmly in the driver’s seat. The latest performance data from Seeking Alpha on U.S. Equities across the S&P Indexes highlights a tale of two narratives: a long-term dominance by growth stocks and a short-term surge in value names.

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Over the past month, Small Cap Value (SLYV) led all major equity styles with an 6.16% gain, outpacing even Large Cap Growth. That rally comes despite a -4.28% YTD decline and a -2.59% return over the past year, suggesting investors may be rediscovering neglected names trading at attractive valuations. While it’s too early to declare a full-fledged rotation, the sharp rebound is notable.

On the flip side, Large Cap Growth (SPYG) continues to shine. With a 12.13% YTD gain, +27.83% over one year, and an impressive +76.69% over three years, growth giants—likely led by tech and AI-driven megacaps—show no signs of slowing down. Even in the short term, SPYG gained 5.56% in the past month, keeping pace with its value counterparts and reinforcing its reputation as a long-term winner.

Mid Cap Growth (MDYG) also posted healthy numbers, up 5.97% in the past month, with a +3.90% YTD gain and +37.83% over three years, far outperforming Mid Cap Value (MDYV). Though mid-cap value names gained 4.91% over the past month, their 3-year return of 29.07% lags behind growth significantly.

Interestingly, Large Cap Value (SPYV) holds up well over time with a 41.62% return over three years, second only to Large Cap Growth (SPYG), showing that not all value plays are being ignored. It’s the Small Cap Growth (SLYG) category that appears the weakest, with just a +0.29% YTD gain, -1.77% over one year, and the lowest 3-year return among the growth styles at +19.89%.

What does this all mean for investors?

Those chasing long-term outperformance still have every reason to stick with Large Cap Growth. Its track record is hard to beat. But for contrarians looking for undervalued opportunities, the small cap value rebound could be the start of a trend—especially if macro conditions like rising rates or sector rotations begin to favor cash flow and balance sheet strength over high-multiple growth.

Ultimately, while growth maintains its lead, the tides in the value camp—particularly among smaller names—may be shifting. Investors willing to look beyond the top-heavy indexes could find bargains waiting to be realized.

Source: SeekingAlpha – Growth vs Value – U.S. Equities – S&P Indexes

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