Expert insight

When index funds mix but don’t match

June 04, 2025

A donut chart shows how the CRSP, Russell, and S&P index providers classify large-cap stocks as either growth or value, according to data from Vanguard and FactSet as of April 30, 2025. July 31, 2024. Three providers classify 54% of the stocks the same way, and 46% differently.
The figure contains bars representing these indexes: the S&P 500 Index, MidCap 400, and SmallCap 600; the Russell 1000, Top 200, Midcap, and 2000; and the CRSP US Large Cap, Mega Cap, Mid Cap, and Small Cap Indexes. Each bar shows the percentage of total U.S. market capitalization classified as large-cap, mega-cap, mid-cap, or small-cap for each index. The percentage for each size category varies significantly among the three index providers. For example, the S&P 500 Index accounts for about 87.5% of total U.S. market capitalization, compared with 94% for the Russell 1000 Index, and 85% for the CRSP US Large Cap Index. In addition, S&P divides the market into only three categories, but Russell and CRSP use four. Data is as of March 1, 2025.

Contributors

Andrey Kotlyarenko, CFA
William A. Coleman, CFA

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