On average, for the period 1926 through 2017: Multiple Choice the real rate of return on U.S. Treasury bills has been negative. small-company stocks have underperformed large-company stocks. long-term government bonds have produced higher returns than long-term corporate bonds. the excess return on long-term corporate bonds has exceeded the excess return on long-term government bonds. the excess return on large-company stocks has exceeded the excess return on small-company stocks.