This page shows returns and valuations by investment style for the U.S. equity market, and leverages the “style box” framework pioneered by Morningstar. Return periods include the last 10 years annualized returns, year-to-date returns, returns since the February 2020 peak and returns since the March 2020 low. To the right, valuations depict which areas of the U.S. equity markets are trading at a deeper discount or premium, relative to their own 20-year average.