The past decade has been a boon for growth investors, but coming out of this current pandemic-induced recession, value stocks are getting their day in the sun. As of April 6, the Russell 1000 Value Index was up 13% year-to-date while the Russell 1000 Growth Index is up about 4% year-to-date.
In March, the Wall Street Journal reported that it was the widest outperformance gap for value over growth since 2000 when the tech bubble burst. Twenty years later, value is surging after tech valuations soared but also as the economy improves post-recession (although the pandemic recession has yet to be officially declared as over).
Banks are among the value stocks leading the way right now, as most were badly battered during the pandemic. There are still a lot of great values in the banking industry and one of the best performers is JPMorgan Chase (NYSE:JPM).
Image source: Getty Images.
A banking leader
JPMorgan Chase is the largest bank in the U.S. and, over the past decade, it was the top-performing large bank. Its stock also outperformed its peers during the pandemic recession, down just 5% in 2020 when the other large banks saw their stock prices drop by double-digit percentages for the year.