Major market indexes outperformed the majority of actively managed mutual funds in six of nine style categories in 2005, according to the Standard & Poor's Indices vs. Active Funds Scorecard, which is released quarterly. Only in the large-cap domestic value and blend funds and small-cap blend fund categories did a majority of active funds beat their respective indexes.
For the five years ended Dec. 31, the indexes outperformed actively managed mutual funds in all nine style categories. In fact, the returns were close in only one category, domestic large-cap value: the S&P/BARRA 500 Value index outperformed 51% of actively managed funds. In other categories, the performance gap was much wider. The S&P/BARRA 600 Small Cap Value index, for example, outperformed 92.47% of actively managed funds.