39. Two indices contain exactly the same stocks; one is a market-capitalization-weighted index that increased by 11%, whereas the other is an equal-weighted index that increased by 8% over the same period. This is explained by which of the following?

1. There were a large number of stock splits over the period.
2. There were a small number of stock splits over the period.
3. Large-capitalization stocks underperformed small-capitalization stocks.
4. Large and small capitalization stocks performed about the same over the period.
5. Large-capitalization stocks outperformed small-capitalization stocks