The small cap Russell 2000 has been on a tear since November. It may continue to outperform the NASDAQ 100 for at least the next few months. The NDX sharply outperformed RUT in the 1st half of 2020. Now the ratio is reverting to the mean. As the graph shows, the ratio has a ways to go before it hits the blue trend-line. RUT outperformed NDX for 6 years after the 2000 crash.