The small-cap equity market, represented by the iShares Russell 2000 ETF ($IWM), has experienced notable volatility and relative strength compared to large-cap indices in August 2025. $IWM posted a 1.2% gain on August 13, marking its best two-day relative rally since November 2024, and has risen 8.5% since a golden cross technical signal. Since the April 8 low, small caps ($IWM) have outperformed the S&P 500 ($SPY), with $IWM up 31.9% versus $SPY's 29.7%. Small-cap value stocks, tracked by $IWN and $IJS, have shown particular strength, with $IJS gaining 6.8% on the month compared to a 2% rise for the S&P 500. However, on August 14, $IWM declined 1.3% at the start of trading and later gave back all of the previous day's gains, falling 2%. Market activity included approximately $500 million in dark pool trades in $IWM and $QQQ ahead of options expiration (OPEX), with notable put buying in $IWM as it approached fresh highs. Over the past decade, $IWM has outperformed both $SPY and $QQQ, highlighting its sustained relative strength among major equity benchmarks.