Small-cap stocks are seeing massive outflows: The Russell 2000 ETF, IWM, posted -$3.3 billion in outflows last week, its 2nd-largest weekly outflow this year. This also marks its 3rd-largest weekly withdrawal in 9 years. This comes as the S&P 500 has outperformed the Russell 2000 for 5 consecutive weeks, the longest streak in at least 12 months. This streak is on track to extend to 6 weeks, which would mark the longest stretch of S&P 500 outperformance over small caps in 8 years. Since mid-August, the Russell 2000 has declined -7.3%, to its lowest level since June 10th. As a result, the ratio of the Russell 2000 to the Nasdaq 100 has fallen to 0.09, its lowest on record. Small-cap stocks are struggling as rates move higher.