Historically, relative to the S&P $500,$ portfolios of small stocks have generated a $\_\_\_\_\_\_\_\_$ annual return on average and have experienced $\_\_\_\_\_\_\_\_$ fluctuations in values.

Historically, relative to the S&P $500,$ portfolios of small stocks have generated a $\_\_\_\_\_\_\_\_$ annual return on average and have experienced $\_\_\_\_\_\_\_\_$ fluctuations in values.

higher, lower

lower, lower

higher, higher

lower, higher