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Methodology

CRSP Market Indexes are trusted by leading asset managers and investors to benchmark U.S. equities across market capitalizations, investment styles, sectors, and ESG factors.

Nearly $3 trillion in fund assets are linked to CRSP Market Indexes. This includes the world’s largest mutual fund, which tracks the CRSP US Total Market Index, the industry standard for measuring the complete U.S. domestic equity market. Built with academic rigor but designed to reflect how professional managers actually invest, CRSP Market Indexes are the serious choice for serious investors.

Market Cap Indexes
Value Indexes
Growth Indexes
Sector Indexes
ESG Indexes

Market Cap Indexes

CRSP capitalization-weighted indexes strive to be the most accurate reflection of the U.S. equity markets. Unlike other benchmarks, membership in CRSP Market Indexes is based not on an arbitrary fixed constituent count but on a percentage-weight of the market. This represents a more accurate reflection of each capitalization segment of the market. And by utilizing index rebalancing and migration methodologies that match how investors manage money in the real world, CRSP Market Indexes help reduce turnover and mitigate transaction costs.

Value Indexes

CRSP Value Indexes use a transparent, rules-based multi-factor scoring approach to classify securities based on Value characteristics that align with how fundamentally driven investors define this style. This methodology considers each security’s price relative to book value, sales, dividends, historic earnings, and forward earnings to ensure style purity.

Growth Indexes

In the real world, investment managers utilize multiple metrics to identify investment styles such as Growth. So does CRSP. CRSP Growth Indexes score companies on future long-term earnings per share growth, future short-term EPS growth, and historic earnings and sales over the past three years. They also rely on key ratios, including a security’s current investments-to-assets ratio and return assets.

Sector Indexes

Sector indexes are only as good as the broad market index from which they are created. CRSP Sector Indexes start from the CRSP US Total Market Index, the industry standard for measuring the complete domestic equity market. From there, CRSP utilizes the Uniform Entity Sectors (UES) system — with 11 sectors— to assign companies to specific parts of the market to ensure that all companies are assigned to their appropriate sectors.

ESG Indexes

CRSP ESG Indexes provide a unique perspective on the performance of large, sustainable companies by dividing the CRSP US Large Cap Index into paired benchmarks. Using ESG performance ratings from Institutional Shareholder Services (ISS), CRSP splits the large-cap universe into paired indexes with ESG and non-qualifying components, offering investors a clear, transparent way to benchmark ESG-aligned strategies with context and integrity.

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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 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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