The Dynamic Duo vs. the Russell 2000

December 12, 2019 | Nat Kellogg, CFA, Director of Manager Search, Managing Partner

Apple and Microsoft are the two largest companies (by market value) in the United States and the only two U.S. listed firms with a market capitalization over $1 trillion. Both companies have been standout performers in 2019, with Apple’s market value increasing 58.6% this year through the end of November, while Microsoft’s market value has increased 47.1% over the same period. The combined market value of the two companies now stands at $2.3 trillion dollars and together they represent roughly 9% of the total value of the S&P 500 Index. To put the size of these two businesses in perspective, this week’s chart of the week shows the combined market value of Apple and Microsoft compared to the entire Russell 2000 index of U.S.-based small cap stocks. At the end of November the combined value of the two companies was essentially equal ($2.342 trillion vs. $2.367 trillion for the Russell 2000) to the market value of the entire small cap index. The stellar performance of Apple and Microsoft has a been a large driver of the outperformance of large cap stocks in the US over the last decade. But with the 2020’s approaching, maybe small caps are poised for a better decade ahead.

Print PDF > The Dynamic Duo vs. the Russell 2000


The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Nat Kellogg, CFA
Director of Manager Search, Managing Partner

Get to Know Nat

Related Content


Despite Political Tensions, 2020 off to a Great Start

This week’s chart shows the cumulative S&P 500 return and 10-year Treasury yields through January 21st. The S&P 500 is…


Will 2020 Earnings Expectations Hold Up?

Despite poor earnings growth in 2019, global equities had a strong year, generating double-digit returns. The MSCI World Index, a…


What Does the Next Decade Look Like for Private Equity Investors?

For U.S. private equity investors, it has been a spectacular decade. Through September 2019, EV/ EBITDA¹ multiples, a…


U.K. Domestic Banks Spike After Tory Triumph

In what has been called a landmark victory, Prime Minister Boris Johnson and the Conservatives handily defeated their Labour party…


Will the Good News Continue for U.S. Equities?

Domestic equity returns have surprised investors to the upside this year. The S&P 500 is up ~24% and the S&P…


What Does an Election Year Mean for Equity Investors?

Prior to each presidential election, there is inevitable talk about market reactions to candidates and how policy changes could impact…

More articles

Subscribe to Research Email Alerts

Research Email Alert Subscription

Research alerts keep you updated on our latest research publications. Simply enter your contact information, choose the research alerts you would like to receive and click Subscribe. Alerts will be sent as research is published.

We respect your privacy. We will never share or sell your information.

Thank You

We appreciate your interest in Marquette Associates.

If you have questions or need further information, please contact us directly and we will respond to your inquiry within 24 hours.

Contact Us >