U.S. small-cap value stocks have been the worst performers so far this year, but recent history shows they could emerge as the frontrunners if the economy stages a recovery.

Of course, corporate earnings still face serious financial headwinds and investors could pay a steep price for getting in too early.

Nonetheless, Russell Investments recently examined the stock market’s performance during the five recessions that have hit the U.S. economy since 1980, including the current credit malaise. The research uncovered clear trends in how growth and value stocks perform during recessions.

On average, “value has underperformed relative to growth during periods of economic contraction,” according to the report.

“This relative underperformance has reversed almost immediately when the economy bottomed out and turned upward, and value has markedly outperformed growth in the early periods of economic expansion,” Russell said.

“This pattern has been strongest in the

…