While the night effect can be clearly seen in both small- and large-cap stocks, it has historically been far more pronounced in small-cap returns. Over the past 20 years (2003 through 2022), 100% of the returns generated by the iShares Russell 2000 ETF (IWM) have come at night. This phenomenon is referred to as the night effect, [...] The post The Night Effect Is to Thank for Strong Small-Cap Returns appeared first on ETF Trends .