A line graph illustrates the average forward 1-year price-to-earnings ratio for quality large-caps minus the same ratio for quality small-caps. The trend line moves up and down but rarely moves above zero until mid-2018. After that, it continues to move up and down but remains above 5 for a majority of the time from mid-2020 onward. The difference in ratios stood at -10.5 in July 2025, the last date shown.