NioCorp Developments Ltd Common Stock (NB) had the highest return in March 2023 by a small-cap US stock, returning 565.7%.

ASSET	MONTH	% RETURN
NioCorp Developments Ltd Common Stock (NB)	March 2023	565.69%
Orchestra BioMed (OBIO)	March 2023	100.31%
Sophia Genetics (SOPH)	March 2023	91.15%
Ardelyx (ARDX)	March 2023	64.6%
Enovix (ENVX)	March 2023	60.5%
Arlo Technologies (ARLO)	March 2023	59.47%
ThredUp (TDUP)	March 2023	59.12%
Santacruz Silver Mining Ltd Common Shares (SCZM)	March 2023	52.3%
D-MARKET Electronic Services & Trading ADR (HEPS)	March 2023	50.56%
Crawford (CRD.A)	March 2023	49.82%
Nerdy (NRDY)	March 2023	48.75%
Arcturus Therapeutics (ARCT)	March 2023	48.7%
American Coastal Insurance (ACIC)	March 2023	48.42%
Arlington Asset Investment (AI)	March 2023	47.3%
Preformed Line Products (PLPC)	March 2023	44.12%
Zura Bio Limited - Class A Ordinary shares (ZURA)	March 2023	43.74%
New Found Gold (NFGC)	March 2023	42.86%
ECARX Holdings Inc Class A Ordinary shares (ECX)	March 2023	42.09%
Aquestive Therapeutics (AQST)	March 2023	40.86%
Daktronics (DAKT)	March 2023	39.66%
Achieve Life Sciences (ACHV)	March 2023	38.49%
Crawford (CRD.B)	March 2023	38.38%
Amprius Technologies (AMPX)	March 2023	37.38%
Climb Global Solutions (CLMB)	March 2023	36.86%
Burford Capital (BUR)	March 2023	35.37%

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