Neuropace (NPCE) had the highest return in January 2023 by a small-cap US stock, returning 239.1%.

ASSET	MONTH	% RETURN
Neuropace (NPCE)	January 2023	239.13%
Qilian International (BGM)	January 2023	144.32%
Yirendai (YRD)	January 2023	141.9%
Bit Digital (BTBT)	January 2023	132.26%
HIVE Digital Technologies (HIVE)	January 2023	132.21%
Bitfarms (BITF)	January 2023	126.15%
Exodus Movement (EXOD)	January 2023	95.12%
Republic Airways (RJET)	January 2023	91.56%
Clear Channel Outdoor (CCO)	January 2023	81.9%
Lendingtree (TREE)	January 2023	81.59%
Sharplink Gaming (SBET)	January 2023	80%
Cooper Stnd (CPS)	January 2023	79.68%
Meihua International Medical Technologies (MHUA)	January 2023	77.47%
D-MARKET Electronic Services & Trading ADR (HEPS)	January 2023	74.93%
Arlington Asset Investment (AI)	January 2023	73.67%
Lexinfintech (LX)	January 2023	71.13%
Savara (SVRA)	January 2023	71.05%
Standard Biotools (LAB)	January 2023	70.94%
American Coastal Insurance (ACIC)	January 2023	70.64%
Fulcrum Therapeutics (FULC)	January 2023	70.64%
CureVac (CVAC)	January 2023	70.21%
Aehr Test Systems (AEHR)	January 2023	70.19%
Janux Therapeutics (JANX)	January 2023	67.12%
CytomX Therapeutics (CTMX)	January 2023	66.67%
Rumble (RUM)	January 2023	65.57%

Small-cap stocks are treated as having a market cap between $300M and $2B.