volt, I don't really know what it means but a couple of things...

volt, I don't really know what it means but a couple of things occur to me. First, small and midcaps led off the rally in 03. I know because I was 100% invested in small caps at that time. Midcaps have some representation in the xao but not xjo, so it would make sense that xao led. Second, as for risk, I would have thought that large caps were 'safer' than small/midcaps, but there could be some attraction in the greater diversification in xao rather than xjo, I suppose. Third, xjo was a relatively new index at that time and was restructured later (05?) to make it more relevant. Thats when it was weighted for free float. You could be seeing some of that effect in the chart too. Just some thoughts. Nothing much else occurs to me atm. cheers!