SPIVA Third Quarter Scorecard

The S&P Indices Versus Active Funds (SPIVA) Scorecard reports performance comparisons corrected for survivorship bias, shows equal- and asset-weighted peer averages, and provides measures of style consistency.

SPIVA Third Quarter Active vs. Index Scorecard

• Domestic Equities: Year-to-date indices led actively managed large-cap and small-cap funds. The S&P 500 outperformed 71.5% of large-cap funds, while the S&P SmallCap 600 outpaced 65.9% of exceeded the returns of the S&P MidCap 400. small-cap funds. Conversely, 54.1% of active mid-cap funds have exceeded the returns of the S&P MidCap 400.
• Over longer time periods, indices continue to surpass a majority of active funds. Over the past three years (and five years), the S&P 500 has beaten 68.1% (71.0%) of large-cap funds, the S&P MidCap 400 has outperformed 66.9% (83.6%) of mid-cap funds, and the S&P SmallCap 600 has outpaced 81.1% (80.5%) of small-cap funds. (Reports 1 to 5)
• International Equities: Year-to-date, indices continue to lead active funds in 2006. The S&P/Citigroup PMI World outperformed 74.0% of global funds. The S&P/Citigroup PMI World ex U.S. outpaced 64.9% of international funds and the S&P/Citigroup EMI World Ex U.S. led 73.5% of international small company funds. The S&P/IFCI Composite also outperformed 77.9% of emerging markets funds. Similar to domestic equities, indices lead over long-term three and five-year periods. (Reports 14 to 18)
• Fixed Income: Year-to-date seven of eight domestic taxable fixed income indices have outpaced active funds, short-term general funds being the only exception. Global bond funds have done better, with a majority of them leading indices in two of three global fixed income styles. (Reports 19 to 23)