Universal Insurance (UVE) had the highest return between 1992 and 1996 by a small-cap US stock, returning 245,300%.

ASSET	YEARS	% RETURN
Universal Insurance (UVE)	1992-1996	245,300%
NVE (NVEC)	1992-1996	2,150.02%
DXP Enterprises (DXPE)	1992-1996	1,300%
Liveramp (RAMP)	1992-1996	1,179.98%
McEwen Mining (MUX)	1992-1996	815.64%
Cohu (COHU)	1992-1996	708.14%
Miller Industries (MLR)	1992-1996	682.61%
OFG Bancorp (OFG)	1992-1996	677.3%
Transcat (TRNS)	1992-1996	645.45%
Great Southern Bancorp (GSBC)	1992-1996	604.76%
Washington Trust Bancorp (WASH)	1992-1996	604.7%
Caledonia Mining (CMCL)	1992-1996	570%
Callaway Golf (MODG)	1992-1996	558.06%
Arrow Financial (AROW)	1992-1996	486.49%
Federal Agricultural Mortgage (AGM)	1992-1996	485.72%
Kohl's (KSS)	1992-1996	460.72%
NPK International (NPKI)	1992-1996	458.77%
Federal Agricultural Mortgage (AGM.A)	1992-1996	455%
Biglari (BH)	1992-1996	443.81%
Hingham Institution for Savings (HIFS)	1992-1996	431.56%
Kulicke and Soffa Industries (KLIC)	1992-1996	424.12%
National HealthCare (NHC)	1992-1996	414.96%
PROG (PRG)	1992-1996	406.28%
PAR Technology (PAR)	1992-1996	404.56%
LSI Industries (LYTS)	1992-1996	388.67%

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