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Methodology

CRSP Market Indexes are used by asset owners, fund sponsors and other financial institutions to measure the performance of the overall US equity market and various market segments (market cap, style, sector, ESG).

Currently nearly $3 trillion of fund assets are linked to CRSP Market Indexes.

Market Cap Indexes
Value Indexes
Growth Indexes
Sector Indexes
ESG Indexes

Market Cap Indexes

CRSP Market Cap Indexes are a suite of broad US equity benchmarks that employs CRSP’s proprietary cap-segmentation methodology. To ensure the character of each cap segment is consistent through time, the methodology is based on a percentage-weight of the total US equity market instead of simple fixed constituent counts to represent each capitalization segment. CRSP Market Cap indexes also utilize CRSP’s unique index maintenance tools such as migration packeting, banding and transitional reconstitution to mitigate transaction costs from index changes.

Value Indexes

Money managers and other practitioners use multiple metrics to identify and measure investment styles – Value and Growth. CRSP scores each security and determines its weight in the appropriate Value index using the following factors:

Growth Indexes

Money managers and other practitioners use multiple metrics to identify and measure investment styles – Value and Growth. CRSP scores each security and determines its weight in the appropriate Growth index using the following factors:

Future long-term growth in earnings per share (EPS)
Future short-term growth in EPS
3-year historical growth in EPS
3-year historical growth in sales per share
Current investment-to-assets ratio, and return on assets.

Sector Indexes

CRSP developed and maintains Sector Indexes for all stocks included in the CRSP US Total Market Index segmented by the business characteristics of each issuing company. CRSP uses ICE Uniform Entity Sectors (UES) codes to assign issuing companies and their stock to the appropriate sector.

ESG Indexes

The CRSP ISS ESG Indexes are a unique, proprietary suite of “paired” indexes employing ESG performance ratings from Institutional Shareholder Services (ISS) to separate the CRSP US Large Cap Index universe into “Qualifying” (ESG) and “non-Qualifying” (Remainder) index pairs. Each index pair provides investors with a transparent, distinct, and representative partition of the entire US Large Cap equity market by the ESG rating of each underlying company.

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Documents & Resources

Methodology Resources

Index File Description Guide

Key Concepts

Levels & Constituents

Investments Illustrated

Index Materials Archive

CRSPMI News & Updates

CRSP US Mid Cap Index Outperforms Peers

Why do some mid- and small-cap ETFs outperform others? A recent article from ETF.com highlights how benchmark index construction and methodology—especially market cap definitions—can significantly impact ETF performance. [...]

July 31, 2025

Market Indexes, CRSP in the News

CRSP Market Indexes – PFICs to be Removed from Index Eligibility

Passive Foreign Investment Companies (PFICs), as defined by the IRS, will no longer be eligible for inclusion in the CRSP US Market Indexes. [...]

July 30, 2025

Market Indexes

CRSP Market Indexes US Market Update – Q2 2025

Notable items with this release include: - Markets broadly rallied throughout Q2, with every Cap and Style Index posting gains over the previous 3 months. - Growth largely outperformed Value [...]

July 8, 2025

US Market Update, Market Indexes

Our investable indexes blend advancements in academic research with industry practice under the premise that an index must reflect the way that money managers actually invest.

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