Bloomberg: Most of the largest Russell 1000 constituents that aren't in the S&P 500 have outsized 2020 gains, giving it's large-cap index a slight edge. Though big enough, these companies won't be considered for S&P 500 inclusion until they've posted positive earnings for the trailing four quarters. Since the end of March, the Russell 1000's 140-bp outperformance vs. the S&P 500 also coincides with a deterioration in the profitability factor (PPROFTUS). If this relationship continues, we believe it could offer a bigger advantage for the Russell 1000, as there doesn't seem to be a premium for stocks with positive earnings. #stocktalk