Lithium Argentina (LAR) had the highest return in January 2009 by a small-cap US stock, returning 208.2%.

ASSET	MONTH	% RETURN
Lithium Argentina (LAR)	January 2009	208.19%
BioLife Solutions (BLFS)	January 2009	150%
McEwen Mining (MUX)	January 2009	112.91%
Gray Television (GTN.A)	January 2009	77.08%
International Tower Hill Mines (THM)	January 2009	72.67%
Geron (GERN)	January 2009	67.52%
NetScout Systems (NTCT)	January 2009	64.2%
NovaBay Pharmaceuticals (NBY)	January 2009	54.9%
Vanda Pharmaceuticals (VNDA)	January 2009	52.38%
Lendingtree (TREE)	January 2009	51.52%
Universal Insurance (UVE)	January 2009	51.25%
ANI Pharmaceuticals (ANIP)	January 2009	49.53%
Gravity (GRVY)	January 2009	43.6%
SunOpta (STKL)	January 2009	42.17%
Vericel Corp Ord (VCEL)	January 2009	41.23%
Delcath Systems (DCTH)	January 2009	40.81%
Galiano Gold (GAU)	January 2009	36.17%
BioCryst Pharmaceuticals (BCRX)	January 2009	35.71%
Valhi (VHI)	January 2009	34.88%
Johnson Outdoors (JOUT)	January 2009	34.33%
Cerus (CERS)	January 2009	34.29%
Digital Turbine (APPS)	January 2009	33.33%
Calumet Specialty Products Partners (CLMT)	January 2009	32.63%
Natural Resource Partners (NRP)	January 2009	32.52%
Delek US Energy (DK)	January 2009	30.88%

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