P3 Health Partners (PIII) had the highest return in May 2023 by a small-cap US stock, returning 202.2%.

ASSET	MONTH	% RETURN
P3 Health Partners (PIII)	May 2023	202.24%
Corvus Pharmaceuticals (CRVS)	May 2023	176.36%
Bioventus (BVS)	May 2023	167.82%
Ads Tec Energy (ADSE)	May 2023	161.3%
Verastem (VSTM)	May 2023	155.64%
Arlington Asset Investment (AI)	May 2023	125.54%
Nanobiotix (NBTX)	May 2023	125.17%
Kopin (KOPN)	May 2023	110.68%
Integra Resources (ITRG)	May 2023	109.26%
Ouster, Inc Common Stock (OUST)	May 2023	93.47%
Arteris (AIP)	May 2023	90.16%
Telos (TLS)	May 2023	88.82%
Mercurity Fintech Holding Inc ADR (MFH)	May 2023	80.15%
Aquestive Therapeutics (AQST)	May 2023	79.07%
Organogenesis (ORGO)	May 2023	77.94%
Weave Communications (WEAV)	May 2023	77.73%
Bit Digital (BTBT)	May 2023	74.74%
Autolus Therapeutics (AUTL)	May 2023	71.82%
Lightwave Logic (LWLG)	May 2023	65.03%
nLIGHT (LASR)	May 2023	64.88%
Evolv Technologies (EVLV)	May 2023	64.19%
DiaMedica Therapeutics (DMAC)	May 2023	60.59%
Navitas Semiconductor (NVTS)	May 2023	59.81%
Monte Rosa Therapeutics (GLUE)	May 2023	59.74%
Blend Labs (BLND)	May 2023	58.71%

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