The US sharemarket has had a great run of late, rebounding strong from the March lows and hitting fresh highs. The S&P 500 is now up more than eight per cent in 2026 (including dividends), and we're only a third of the way through the year. That's impressive, especially given the volatility we've seen lately. However, while the S&P 500 is getting all the headlines there's another quietly outperforming it, and by a wide margin.