A line graph illustrates the difference in the average forward 1-year price-to-earnings ratio for stocks in the Russell 1000 Index minus the same ratio for stocks in the Russell 2000 Index. 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 25 in July 2025, the last date shown.