Fama and French famously do the world a service by publishing index data on their Three Factors. One of their findings is that market cap has an effect on stock returns, which they named Small Minus Big (SMB). This matches their observation that small cap stocks tend to outperform large cap ones.

Unfortunately the data on this for SG and HK is extremely skimpy, with the Singapore data only going back to 2007 and Hong Kong data from 2010. Here is what we have so far:

SG

In order to pay attention to the main indexes, I have cropped Catalist out of the picture because it was so volatile in the first years of its existence.

Smallcap underperforms Large Cap (here, Large Cap is represented by the regular Straits Times Index) pretty convincingly over a 4 year period that includes ups and downs ...