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Journal of Indexes

Active Vs. Passive Statistical Redux
By Journal of Indexes Staff



S&P Index Vs. Active (SPIVA) Scorecard For Q1, 2007
Percentage of equity funds outperformed by the index
           
Fund Category Comparison Index Last Quarter One Year Three Year FIve Year
All Domestic Funds S&P Composite 1500 33.72 73.77 59.01 61.39
           
All Large Cap Funds S&P 500 35.87 70.75 65.72 72.22
All Mid Cap Funds S&P MidCap 400 84.82 61.46 68.63 77.38
All Small Cap Funds S&P SmailCap 600 53.51 56.52 80.20 77.67
           
Large Cap Growth Funds S&P 500/Citigroup Growth 18.04 77.24 50.11 59.77
Large Cap Blend Funds S&P 500 31.15 74.62 67.96 74.69
Large Cap Value Funds S&P 500/Citigroup Value 63.90 80.91 90.00 89.28
           
Mid Cap Growth Funds S&P MidCap 400/Citigroup Growth 86.56 69.57 70.41 84.35
Mid Cap Blend Funds S&P MidCap 400 86.11 56.00 64.71 74.24
Mid Cap Value Funds S&P MidCap 400/Citigroup Value 83.78 32.14 60.00 69.57
           
Small Cap Growth Funds S&P SmallCap 600/Citiqroup Growth 72.76 65.84 86.27 87.84
Small Cap Blend Funds S&P SmallCap 600 61.70 65.28 87.64

80.39

Small Cap Value Funds S&P SmaIlCap 600/Citigroup Value 31.63 45.50 74.32 59.28
           
All Cap Growth Funds S&P Composite 1500/Citigroup Growth 16.33 62.63 27.66 33.33
All Cap Value Funds S&P Composite1500/Citigroup Value 47.76 80.30 90.20 67.74
           
*Source: Morningstar (funds) and Standard and Poor's (SPIVA). Data for index funds as of June 30, 2007. Data for SPIVA as of March 31, 2007. ER is expense ratio. YTD is year-to-date. Mkt Cap is geometric average market cap in $US millions. Std Dev is 3-year standard deviation. Yield is 12-mont yield. SPIVA index outperformance is based on equal-weighted fund counts.
 

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