Universal Insurance (UVE) had the highest return between 1992 and 1994 by a small-cap US stock, returning 1,104,200%.

ASSET	YEARS	% RETURN
Universal Insurance (UVE)	1992-1994	1,104,200%
Caledonia Mining (CMCL)	1992-1994	2,340%
Lsb Industries (LXU)	1992-1994	363.43%
Park Ohio (PKOH)	1992-1994	347.82%
Astec Industries (ASTE)	1992-1994	292.3%
Cohu (COHU)	1992-1994	284.84%
Callaway Golf (MODG)	1992-1994	271.17%
Liveramp (RAMP)	1992-1994	269.99%
Wendy’s (WEN)	1992-1994	261.54%
Barrett Business Services (BBSI)	1992-1994	244.6%
NPK International (NPKI)	1992-1994	242.87%
World Acceptance (WRLD)	1992-1994	235.72%
Arrow Financial (AROW)	1992-1994	222.42%
OFG Bancorp (OFG)	1992-1994	220.92%
Rogers (ROG)	1992-1994	209.1%
Transcat (TRNS)	1992-1994	209.09%
Washington Trust Bancorp (WASH)	1992-1994	208.9%
Great Southern Bancorp (GSBC)	1992-1994	206.6%
Marten Transport (MRTN)	1992-1994	196.33%
Kulicke and Soffa Industries (KLIC)	1992-1994	189.67%
Kohl's (KSS)	1992-1994	183.94%
Hingham Institution for Savings (HIFS)	1992-1994	176.47%
National HealthCare (NHC)	1992-1994	171.38%
Transcontinental Realty Investors (TCI)	1992-1994	170.45%
REX American Resources (REX)	1992-1994	165.31%

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