Today’s chart of the day was shared on Twitter by Charlie Bilello (@charliebilello). It’s a ratio chart of the small-cap Russell 2000 Index relative to the large-cap S&P 500 ($IWM/$SPY). It’s currently at its lowest level since 2003. When this ratio is falling it means small-caps are underperforming large-caps and vice vera. The relative weakness of small-caps has been a big topic of discussion among technicians lately. This ratio is often used as a barometer of risk appetite because small-cap stocks tend to be perceived as riskier than their large-cap peers. The fact that investors prefer the safety of large-caps right now speaks directly to the current risk environment investors find themselves in.