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Market concentration surged in Q3: just two industries—Metals & Mining and Semiconductors—drove over 20% of the Russell 2000’s total return. Metals & Mining climbed 56%, Semiconductors 39%.
Of the index’s 50 best performers, 37 came from just four high-growth areas: biopharma, metals, crypto, and quantum computing. Such concentrated performance has emerged as a post-COVID phenomenon, potentially tied to the intensified growth momentum and narrow market leadership that has characterized recent years.
Two Industries Have Posted Outsized Gains Since the Bottom
As of September 30, 2025
Metals & Mining and Semis dominated 3Q25 returns
Two of 29 Industries Contributed 21% of the 3Q25 Return
As of September 30, 2025
Top 50 stocks were nearly 50% of the 3Q25 Return
As of September 30, 2025
Of the 50 best Russell 2000 stocks, 37 were biopharma, metals, crypto or quantum computing
Return Concentration Levels are a Post-Covid Phenomenon
As of September 30, 2025
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