Though I'm short on time today, I wanted to get this out there, as there have been so many commentaries on the "return of the large caps" lately.  The gist of my argument is that the difference in return between large caps and small caps is strongly and negatively correlated to the VIX.  When the VIX is high, large caps perform at least as well as small caps, but when the systemic volatility is low, investors require a higher rate of return for the greater risk inherent in small cap securities. 

    I'll do formal difference time series analysis when I've got the time, but I think this graph is something of an indicator of validation.