f small cap stocks were just a more volatile extension of the market, we’d expect to see them generally move in lockstep with a large cap index like the S&P 500, increasing more during bull markets, declining more during bear markets, and languishing sympathetically during sideways markets. But small cap stock returns don’t fit this pattern at all. - See more at: http://servowealth.com/resources/articles/are-small-cap-stocks-separate-asset-class#sthash.SLbjLVJi.zXkEZwqw.dpuf