The Russell 2000, an index tracking the performance of small-to-mid-cap companies, has seen better years. Since the start of 2023, Russell 2000 stocks have only returned 6.7%, while the S&P 500 and Nasdaq stocks have appreciated 19.8% and 37.6%, respectively. The index has not recovered since the U.S. banking crisis in March. Since then, it has severely underperformed the S&P 500 and Nasdaq.

Still, in an index tracking around 2000 equities, there are bound to be some hidden gems. Below are three companies that have beat expectations.

Russell 2000 Stocks: IonQ (IONQ)

IonQ (NYSE:IONQ) is the first pure-play publicly traded quantum computing stock, and the company has become the leader in trapped-ion quantum computing. This subsect of quantum computing uses electrically charged atoms to store and manipulate qubits.

The company claims to have built the world’s most powerful quantum computer, IonQ Forte, which has achieved a quantum capacity of 32 qubits. To establish its product in the broader market, IonQ has made its quantum computers accessible to customers and developers through large cloud platforms. In early December, IonQ announced that Forte would be accessible through Amazon Web Services’ fully managed quantum computing service, Amazon Bracket.

While IonQ has generated little revenue so far, as of its third quarter earnings print, it has built up an impressive pipeline, reaching $100 million of cumulative bookings. IonQ also announced a $25.5 million deal to sell two Quantum systems to U.S. Air Force Research Lab (AFRL). While small, the company is gaining traction and investors are noticing IonQ’s shares are currently up over 296% YTD.

Riot Platforms (RIOT)

Riot Platforms (NASDAQ:RIOT) is a Bitcoin (BTC-USD) mining and digital infrastructure provider. First and foremost, the company brings together resources (specialized computer servers) to mine Bitcoin. Riot also provides co-location services on its servers to other Bitcoin mining companies. In particular, through its Rockdale, Texas facility, Riot offers clients space in specifically designed buildings to operate large quantities of miners with access to ample electricity to operate those miners.

Riot Platform’s shares have trounced the Russell and almost every other index this year. RIOT has returned 367%, and most of this earth-shattering performance is related to how much Bitcoin has appreciated this year. The much-covered cryptocurrency is up more than 164% on a year-to-date basis, which signals RIOT’s mining business is also doing well.

Russell 2000 Stocks: Dorian LPG (LPG)

Dorian LPG (NYSE:LPG) transports liquefied petroleum gas (LPG) through its LPG tankers worldwide. As of Sept. 30th, the company owns and operates a fleet of 25 very large gas carriers (VLGCs). The current machinations of commodities markets have helped Dorian LPG’s shares skyrocket to new heights. In their Q3 earnings print, the company highlighted higher propane and butane prices in Northwest Europe and Northeast Asia. They also noted U.S. exports of LPG improved sequentially.

The company’s shares have risen 143% YTD, again beating the Russell 2000, Nasdaq and S&P 500. Dorian has also been a “buy” for investors because it has returned capital to shareholders. Dorian has declared nine dividends over the past quarters. Its dividend yield is around 10.2%, which has been attractive to income investors.

On the date of publication, Tyrik Torres did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.