S&P 500 vs Russell 2000: which is stronger each month?
S&P 500 has been strongest in July (+1.67%) and weakest in September (-1.12%). Russell 2000 has been strongest in December (+2.38%) and weakest in September (-0.56%). S&P 500 had the higher average in 6 of 12 months, and the two pointed the same way in 9 of 12.
Month by month
| Month | S&P 500 average | S&P 500 up years | Russell 2000 average | Russell 2000 up years | Stronger |
|---|---|---|---|---|---|
| January | +1.21% | 63% | +0.74% | 54% | S&P 500 |
| February | -0.11% | 52% | +1.01% | 59% | Russell 2000 |
| March | +0.42% | 61% | +0.41% | 67% | S&P 500 |
| April | +1.36% | 66% | +1.24% | 59% | S&P 500 |
| May | +0.13% | 61% | +1.38% | 67% | Russell 2000 |
| June | +0.79% | 57% | +0.80% | 64% | Russell 2000 |
| July | +1.67% | 61% | +0.45% | 56% | S&P 500 |
| August | +0.70% | 59% | -0.33% | 54% | S&P 500 |
| September | -1.12% | 45% | -0.56% | 56% | Russell 2000 |
| October | +0.55% | 59% | -0.54% | 56% | S&P 500 |
| November | +1.01% | 62% | +2.24% | 69% | Russell 2000 |
| December | +1.27% | 72% | +2.38% | 77% | Russell 2000 |
S&P 500 since 1928, Russell 2000 since 1987, monthly close to close, as of October 16, 2026. The highlighted row is the current month. Monthly correlation over the last 16 years: 0.87.
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Questions
What is the best month for S&P 500?
Since 1928, July has averaged +1.67% for S&P 500, higher in 61% of 99 years.
What is the best month for Russell 2000?
Since 1987, December has averaged +2.38% for Russell 2000, higher in 77% of 39 years.
Do S&P 500 and Russell 2000 move together?
Over the last 16 years their monthly moves had a correlation of 0.87, where 1 means they always move together and 0 means no link.
History describes the past. Not investment advice.
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Not investment advice. Market Seasonality publishes historical statistics, news summaries and scenario analysis for information and education. Past patterns do not guarantee future results. Nothing here is a recommendation to buy, sell or hold any asset, and scenarios describe possible paths without predicting them. See the disclaimer and methodology.