<h2>關鍵要點</h2>
<ul>
<li>小盤股多年來一直受到負收益增長的困擾。這導致其相對於標普 500 的表現顯著不佳。</li>
</ul>
<ul>
<li>標普 600 的收益增長在 2025 年終於轉為正值，並預計在 2026 年加速增長。</li>
</ul>
<ul>
<li>如果收益增長率如當前預測那樣實現，可能會釋放小盤股中積累的巨大價值。</li>
</ul>
<ul>
<li>我們更看好的 10 只股票超過 iShares Core S&amp;P Small-Cap ETF ›</li>
</ul>
<p>不言而喻，巨型科技股在過去幾年一直是美國股票市場的主導策略。小盤股常被宣傳為多樣化投資和具有超額回報潛力的股票，自 2021 年以來一直表現不佳。它們最後一次相對於 <strong>標普 500</strong>(SNPINDEX: ^GSPC) 達到高峰大約是在十年前。圖表展示了這一點，使用了跟蹤標普 600 的 <strong>iShares Core S&amp;P Small Cap ETF</strong>(NYSEMKT: IJR) 和 <strong>iShares Core S&amp;P 500 ETF</strong>(NYSEMKT: IVV)。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2MxZDFkNGEyYTQwYjZiMDhjNTVkNzBjNDM2MGM1NmRiLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2MxZDFkNGEyYTQwYjZiMDhjNTVkNzBjNDM2MGM1NmRiLnBuZyZ3PTcwMA"/></p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司的報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
<p>基本圖表數據由 YCharts 提供</p>
<p>這一趨勢的核心驅動因素之一是收益增長。如果標普 500 在 2026 年第一季度能實現當前預測的 11% 收益增長，這將標誌着連續第 11 個季度的同比正收益增長，以及連續第六個季度的兩位數收益增長。</p>
<p>然而，<strong>標普 600 小盤股指數</strong> 卻處於光譜的另一端。從 2023 年第一季度到 2024 年第二季度，它連續六個季度的同比收益增長均為-10% 或更差。它在 2025 年第二季度才剛剛再次轉為正值。</p>
<p>但小盤股的勢頭可能才剛剛開始增強。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2MDQwMC9nZXR0eWltYWdlcy0xMjgzMzQyNzU4LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2MDQwMC9nZXR0eWltYWdlcy0xMjgzMzQyNzU4LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>小盤股即將超越大盤股的收益增長</h2>
<p>如果標普 600 能夠實現當前預測，它將在今年第四季度產生 29% 的同比收益增長。<strong>納斯達克 100</strong>，作為巨型科技股的基準，預計在同一時期將產生 28% 的收益增長。</p>
<p>換句話説，小盤股的收益增長可能很快開始超越科技行業。</p>
<p>這很重要，因為小盤股的表現和估值一直是低於預期的收益的結果。跟蹤標普 600 的 iShares Core S&amp;P Small Cap ETF 的市盈率 (P/E) 為 18，而 iShares Core S&amp;P 500 ETF 的市盈率為 28。</p>
<p>當標普 500 實現如此更好的收益增長時，這種估值差距是可以理解的。但當收益增長率相似時，估值差距應該更小。小盤股的市盈率在過去幾年略有上升，但相對於標普 500 的折扣仍然沒有太大變化。考慮到未來的收益增長預期，它顯然沒有重新定價到應有的水平。</p>
<p>我不認為大盤股和小盤股會在短期內交易於相似的市盈率。但我也相信，標普 600 中還有一部分價值尚未被釋放。一旦釋放，我認為我們很可能會看到小盤股相對於大盤股的持續超額表現。</p>
<p>在接下來的幾年裏，我認為小盤股在美國股票類別中是更好的選擇。</p>
<h2>你現在應該購買 iShares Core S&amp;P Small-Cap ETF 的股票嗎？</h2>
<p>在你購買 iShares Core S&amp;P Small-Cap ETF 的股票之前，請考慮以下幾點：</p>
<p>_Motley Fool Stock Advisor_分析團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而 iShares Core S&amp;P Small-Cap ETF 並不在其中。這 10 只入選股票在未來幾年可能會產生鉅額回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 513,407 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 1,123,237 美元</strong>！*</p>
<p>現在，值得注意的是，<em>Stock Advisor_的總平均回報率為 938%——相比之下，標普 500 的回報率為 188%，表現出色。** 不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區，獲取_Stock Advisor</em>。**</p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回報截至 2026 年 3 月 18 日。</em></p>
<p><em>David Dierking 在提到的任何股票中沒有持倉。Motley Fool 持有並推薦 iShares Core S&amp;P Small-Cap ETF。Motley Fool 有披露政策。</em></p>
<p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映納斯達克公司的觀點。</p>

美國小盤價值股 ETF - Vanguard

標普 600 小盤價值股 ETF - SPDR

SCOW

標普 600 小盤價值股 ETF - iShares

標普 600 小盤成長股 ETF - Vanguard

標普 600 小盤成長股 - iShares

美國小盤價值股 ETF - Avantis

ESIX

標普小盤股 ETF - iShares

標普 600 小盤價值股 ETF - Vanguard

<p>標普 600 小盤股指數有望迎來顯著反彈，因為盈利增長在多年後首次轉為正值，預測顯示 2026 年第四季度同比增長 29%。這與標普 500 預計的 11% 增長形成對比，暗示着表現動態可能發生轉變。小盤股與大盤股之間的估值差距仍然較大，但隨着盈利增長的趨同，小盤股可能釋放出可觀的價值，從而在未來幾年內在美國股市中實現超越表現</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</h2>
</div><ul>
<li>Small caps have been plagued by negative earnings growth for years. That has led to significant underperformance relative to the S&amp;P 500.</li>
</ul>
<div class="lb-trans"><ul>
<li>小盤股多年來一直受到負收益增長的困擾。這導致其相對於標普 500 的表現顯著不佳。</li>
</ul>
</div><ul>
<li>S&amp;P 600 earnings growth finally turned positive in 2025 and is expected to accelerate in 2026.</li>
</ul>
<div class="lb-trans"><ul>
<li>標普 600 的收益增長在 2025 年終於轉為正值，並預計在 2026 年加速增長。</li>
</ul>
</div><ul>
<li>If earnings growth rates deliver as currently forecast, it could unlock a lot of built-up value in small-cap stocks.</li>
</ul>
<div class="lb-trans"><ul>
<li>如果收益增長率如當前預測那樣實現，可能會釋放小盤股中積累的巨大價值。</li>
</ul>
</div><ul>
<li>10 stocks we like better than iShares Core S&amp;P Small-Cap ETF ›</li>
</ul>
<div class="lb-trans"><ul>
<li>我們更看好的 10 只股票超過 iShares Core S&amp;P Small-Cap ETF ›</li>
</ul>
</div><p>It goes without saying that megacap tech has been the dominant U.S. equity strategy for the past several years. Small caps, often touted as diversifiers and stocks with above-average return potential, have been consistent laggards since 2021. They last peaked relative to the <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) about a decade ago. The chart demonstrates this, using the <strong>iShares Core S&amp;P Small Cap ETF</strong>(NYSEMKT: IJR), which tracks the S&amp;P 600, and the <strong>iShares Core S&amp;P 500 ETF</strong>(NYSEMKT: IVV).</p>
<div class="lb-trans"><p>不言而喻，巨型科技股在過去幾年一直是美國股票市場的主導策略。小盤股常被宣傳為多樣化投資和具有超額回報潛力的股票，自 2021 年以來一直表現不佳。它們最後一次相對於 <strong>標普 500</strong>(SNPINDEX: ^GSPC) 達到高峰大約是在十年前。圖表展示了這一點，使用了跟蹤標普 600 的 <strong>iShares Core S&amp;P Small Cap ETF</strong>(NYSEMKT: IJR) 和 <strong>iShares Core S&amp;P 500 ETF</strong>(NYSEMKT: IVV)。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2MxZDFkNGEyYTQwYjZiMDhjNTVkNzBjNDM2MGM1NmRiLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2Fc1d1d4a2a40b6b08c55d70c4360c56db.png&amp;w=700"/></p>
<p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司的報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
</div><p>Fundamental Chart data by YCharts</p>
<div class="lb-trans"><p>基本圖表數據由 YCharts 提供</p>
</div><p>One of the core drivers of this trend has been earnings growth. If the S&amp;P 500 were to deliver on its current forecast of 11% earnings growth in the first quarter of 2026, it would mark the 11th consecutive quarter of positive year-over-year earnings growth and the sixth straight quarter of double-digit earnings growth.</p>
<div class="lb-trans"><p>這一趨勢的核心驅動因素之一是收益增長。如果標普 500 在 2026 年第一季度能實現當前預測的 11% 收益增長，這將標誌着連續第 11 個季度的同比正收益增長，以及連續第六個季度的兩位數收益增長。</p>
</div><p>The <strong>S&amp;P 600 Small Cap Index</strong>, however, has been on the opposite end of the spectrum. From Q1 2023 to Q2 2024, it produced year-over-year earnings growth of -10% or worse in six straight quarters. It only just turned positive again in Q2 2025.</p>
<div class="lb-trans"><p>然而，<strong>標普 600 小盤股指數</strong> 卻處於光譜的另一端。從 2023 年第一季度到 2024 年第二季度，它連續六個季度的同比收益增長均為-10% 或更差。它在 2025 年第二季度才剛剛再次轉為正值。</p>
</div><p>But the momentum may only be starting to pick up for small caps.</p>
<div class="lb-trans"><p>但小盤股的勢頭可能才剛剛開始增強。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2MDQwMC9nZXR0eWltYWdlcy0xMjgzMzQyNzU4LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F860400%2Fgettyimages-1283342758.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Small caps are about to outpace large caps in earnings growth</h2>
<div class="lb-trans"><h2>小盤股即將超越大盤股的收益增長</h2>
</div><p>If the S&amp;P 600 can deliver on current forecasts, it will generate 29% year-over-year earnings growth in the fourth quarter of this year. The <strong>Nasdaq-100</strong>, the benchmark for megacap tech, is expected to produce 28% earnings growth over the same period.</p>
<div class="lb-trans"><p>如果標普 600 能夠實現當前預測，它將在今年第四季度產生 29% 的同比收益增長。<strong>納斯達克 100</strong>，作為巨型科技股的基準，預計在同一時期將產生 28% 的收益增長。</p>
</div><p>In other words, small-cap earnings growth could soon begin to outpace that of the tech sector.</p>
<div class="lb-trans"><p>換句話説，小盤股的收益增長可能很快開始超越科技行業。</p>
</div><p>That's important because small-cap performance and valuations have been a product of subpar earnings. The iShares Core S&amp;P Small Cap ETF, which tracks the S&amp;P 600, trades at a price/earnings (P/E) ratio of 18. The iShares Core S&amp;P 500 ETF trades at a P/E ratio of 28.</p>
<div class="lb-trans"><p>這很重要，因為小盤股的表現和估值一直是低於預期的收益的結果。跟蹤標普 600 的 iShares Core S&amp;P Small Cap ETF 的市盈率 (P/E) 為 18，而 iShares Core S&amp;P 500 ETF 的市盈率為 28。</p>
</div><p>That kind of valuation gap is understandable when the S&amp;P 500 is delivering such better earnings growth. But when earnings growth rates are similar, the valuation gap should be much tighter. The P/E ratio on small caps has moved modestly higher over the past few years, but the discount relative to the S&amp;P 500 still hasn't budged much. It certainly hasn't repriced to the level it should, given forward earnings growth expectations.</p>
<div class="lb-trans"><p>當標普 500 實現如此更好的收益增長時，這種估值差距是可以理解的。但當收益增長率相似時，估值差距應該更小。小盤股的市盈率在過去幾年略有上升，但相對於標普 500 的折扣仍然沒有太大變化。考慮到未來的收益增長預期，它顯然沒有重新定價到應有的水平。</p>
</div><p>I wouldn't expect large caps and small caps to be trading at similar P/E ratios anytime soon. But I also believe there's a level of value in the S&amp;P 600 that hasn't been unlocked yet. Once it does, I think there's a good chance we see an extended stretch of outperformance for small caps relative to large caps.</p>
<div class="lb-trans"><p>我不認為大盤股和小盤股會在短期內交易於相似的市盈率。但我也相信，標普 600 中還有一部分價值尚未被釋放。一旦釋放，我認為我們很可能會看到小盤股相對於大盤股的持續超額表現。</p>
</div><p>Over the next couple of years, I think small caps are the better bet in the U.S. equity category.</p>
<div class="lb-trans"><p>在接下來的幾年裏，我認為小盤股在美國股票類別中是更好的選擇。</p>
</div><h2>Should you buy stock in iShares Core S&amp;P Small-Cap ETF right now?</h2>
<div class="lb-trans"><h2>你現在應該購買 iShares Core S&amp;P Small-Cap ETF 的股票嗎？</h2>
</div><p>Before you buy stock in iShares Core S&amp;P Small-Cap ETF, consider this:</p>
<div class="lb-trans"><p>在你購買 iShares Core S&amp;P Small-Cap ETF 的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and iShares Core S&amp;P Small-Cap ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p>_Motley Fool Stock Advisor_分析團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而 iShares Core S&amp;P Small-Cap ETF 並不在其中。這 10 只入選股票在未來幾年可能會產生鉅額回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $513,407</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,123,237</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 513,407 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你將擁有 1,123,237 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 938% — a market-crushing outperformance compared to 188% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在，值得注意的是，<em>Stock Advisor_的總平均回報率為 938%——相比之下，標普 500 的回報率為 188%，表現出色。** 不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區，獲取_Stock Advisor</em>。**</p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看這 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of March 18, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回報截至 2026 年 3 月 18 日。</em></p>
</div><p><em>David Dierking has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends iShares Core S&amp;P Small-Cap ETF. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>David Dierking 在提到的任何股票中沒有持倉。Motley Fool 持有並推薦 iShares Core S&amp;P Small-Cap ETF。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映納斯達克公司的觀點。</p>
</div>

The S&P 600 Is About to Do This for the First Time in Years. It Could Lead to a Huge Rally for Small Caps.

nasdaq

Pacer S&P SmCp 600 Qul FCF Aristcrts ETF

SPDR S&P SmallCap 600 ESG ETF

標普 600 指數即將多年內首次採取這一行動。這可能會引發小盤股的大幅上漲