Diversified Energy (DEC) had the highest return between 2020 and 2023 by a small-cap US stock, returning 12,413,800%.

ASSET	YEARS	% RETURN
Diversified Energy (DEC)	2020-2023	12,413,800%
Integra Resources (ITRG)	2020-2023	176,566.67%
Sigma Lithium Resources (SGML)	2020-2023	2,325.38%
Celldex Therapeutics (CLDX)	2020-2023	1,670.54%
Hudson Technologies (HDSN)	2020-2023	1,290.15%
Aehr Test Systems (AEHR)	2020-2023	1,226.5%
HIVE Blockchain Technologies (HIVE)	2020-2023	1,149.66%
Limbach (LMB)	2020-2023	1,122.31%
LifeMD (LFMD)	2020-2023	1,084.29%
Bit Digital (BTBT)	2020-2023	1,013.16%
American Battery Technology Company Common Stock (ABAT)	2020-2023	877.08%
IsoEnergy (ISOU)	2020-2023	822.06%
Euroseas (ESEA)	2020-2023	812.88%
Obsidian Energy (OBE)	2020-2023	804%
Amark Preci (AMRK)	2020-2023	800.53%
Danaos (DAC)	2020-2023	796.52%
Build-A-Bear Workshop (BBW)	2020-2023	700.68%
BlueLinx (BXC)	2020-2023	689.62%
Hovnanian Enterprises (HOV)	2020-2023	638.24%
Biohaven Pharmaceutical (BHVN)	2020-2023	613.33%
Lightwave Logic (LWLG)	2020-2023	611.43%
Okeanis Eco Tankers (ECO)	2020-2023	607.75%
Ferroglobe (GSM)	2020-2023	592.53%
Lifeway Foods (LWAY)	2020-2023	580.71%
InnovAge (INNV)	2020-2023	552.17%

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