The Russell 2000 was beating the major indexes on Tuesday with Wall Street back in risk-on mode.

The small-cap index was up 1.3%. Riskier S&P 500 stocks, as represented by the Invesco S&P 500 High Beta ETF, were up 1.5%.

Jonathan Krinsky, BTIG’s chief market technician, writes that the Russell 2000 is still down 6% this year, and trading at the same place it was in January 2021.