S&P Dow Jones Indices’ SPIVA (S&P Index Versus Active) scorecard, first published in 2002, has become our industry’s de facto scorekeeper of the relative performance of active managers. We recently released the U.S. SPIVA results for 2021.
Nothing in the 2021 report was surprising, as most active managers continued to underperform benchmarks appropriate to their investment style. Some observations, however, are worth highlighting:
- 2021 was a particularly difficult year, as 80% of all U.S. active managers underperformed the S&P Composite 1500®. In the large-cap segment, 85% of active managers lagged the S&P 500®. This made 2021 the second-worst year for large-cap managers on record (exceeded only by 2014, a year of record-low dispersion).
You can now read the full whitepaper at the link below