The S&P 500 Cap-Weighted Index ((IVV)) has had an scotching start to the year. The index bounced off the 50-day moving average in emphatic fashion, blowing through the 1400 level en route to the 1520 in a little over a month. The index is up 6.57% for all of 2013.

The S&P 500 Equal-Weighted index ((RSP)) is set up so that every stock in the index has the same weight, thereby eliminating market-weighting’s growth bias. As a result, the index tilts more towards mid-cap and value stocks, which accounts for much of the out-performance versus the cap-weighted index in the last decade. Once breaking resistance at the 54 level, the index has been on a tear, reaching levels not seen since 2007. It’s up 7.97% year-to-date.

Given the out-performance of the S&P Equal-Weighted Index, one of the themes for the past few years has been growth-oriented, smaller cap stocks outperforming  high quality, blue chip stocks . That out-performance has strengthened as of late, as evidenced by the recent performance of the S&P Mid Cap 400 Index ((IJH)). It’s up 8.89% YTD.

The Russell 2000 Small Cap Index ((IWM)) is also up for the year, at a 7.69% clip.

It’s no surprise that the MSCI EAFE Index ((EFA)) lags behind the world in economic performance, given the well-known and widely-reported circumstances. As a matter of fact, if you watched the news recently, you would think Europe was mired in a depression of epic proportions, complete with a melting-down stock market that was bleeding daily.

What is a surprise is the fact the the index actually out-performed the US stock market in all of 2012, and even started the year off on a good note before suffering a minor setback this past week. It is up close to 3% year-to-date and currently sits atop both moving averages, with the slope of both moving averages firmly positive. International markets, specifically Europe, are still the place to be.

The MSCI EAFE Small Cap ((SCZ)) has performed slightly better, with a YTD return of 5.23%.