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SMALL CAP VS LARGE CAP STOCK PERFORMANCE
One Year After Recessions

End of         SMALL CAP*         LARGE CAP**
Recession   12-month Return   12-month Return    SPREAD

10/31/49         31.4%             30.1%          1.3%
05/31/54         51.1%             35.7%         15.4%
04/30/58         53.5%             37.2%         16.3%
02/28/61         18.0%             13.5%          4.5%
11/30/70         12.1%             11.3%          0.8%
03/31/75         58.1%             28.3%         29.8%
07/31/80         45.1%             12.8%         32.3%
11/30/82         43.6%             25.5%         18.1%
03/31/91         27.5%             11.0%         16.5%

MEAN             37.8%             22.8%         15.0%
MEDIAN           43.6%             25.5%         16.3%
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*Ibbotson Small-Cap Total Return Index
**S&P 500 Index

End of Recession dates are based NBER-defined
recessions.  

Source:  Stocks, Bonds, Bills, and Inflation
2002 Yearbook @2002 Ibbotson Associates, Inc.


The latest recession started in March 2001 and ended in
November 2001.

US Business Cycle Expansions and Contractions
nber.org