Equal Weighting Across Market-Cap Sizes Beats a Total Market Fund

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• Long-term data shows that mid- and small-cap U.S. stocks outperform large caps over 25 years despite recent large-cap dominance

• Equal allocations to large-, mid- and small-cap funds improved returns, reduced volatility and strengthened retirement portfolio outcomes

• Broad diversification across multiple asset classes can create a more resilient, balanced investment portfolio

Over the past 25 years (2001–2025), mid-cap and small-cap U.S. stocks have outperformed large-cap U.S. stocks.