Small-cap biotechnology stocks, represented by the ETF XBI, are showing relative strength and a potential for a rally compared to broader market indices such as the S&P 500 (SPY) and the Nasdaq 100 (QQQ). While the SPY has gained approximately 160% over the past decade and large-cap pharmaceutical stocks (XLV) have risen nearly 100%, small- to mid-cap biotech stocks have lagged but are currently bouncing back. On April 21, 2025, XBI and several biotech stocks including QURE, RGNX, RCKT, VKTX, GPCR, and IMNM showed positive price movements, with QURE up 10%, RGNX 7%, RCKT 5%, and IMNM 4%. This relative strength in XBI is notable as other major indices such as SPY and QQQ were making new lows during the same period. The trend suggests that small-cap biotech stocks may outperform broader market benchmarks in the near future.