Jeff Lawson, CEO, Twilio

Scott Mlyn | CNBC

An index of cloud stocks developed by venture-capital firm Bessemer Venture Partners reached new highs this week as  U.S. indexes still recover from the selloff that began in February. 

The BVP Nasdaq Emerging Cloud Index, established in 2013, is up about 31% for the year, while the S&P 500 is down about 9%. 

The performance has to do with the strength of its constituents: Mostly mid-cap companies that have gone public in the last few years, and that provide specialized cloud services for businesses in areas like human resources, payments or communications.  (Large-cap stocks with major cloud-computing operations like Amazon and Microsoft are not included.)

When companies, government agencies and schools cannot

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