Heroes in Haystacks: Index Comparisons for Active Portfolio Performance
Friday 23 January 2026
Content provided by S&P Dow Jones Indices
For over two decades, SPIVA® research has set the standard for evaluating individual active funds. But what happens when those funds are combined into multi-asset portfolios? Does diversification across asset classes help offset underperformance, or do the challenges of active management become even more pronounced?
S&P Dow Jones Indices’ latest report, “Heroes in Haystacks: Index Comparisons for Active Portfolio Performance,” explores these real-world scenarios, providing financial advisors with answers to some of the industry’s most pressing questions. The research investigates what characteristics define winning portfolios and whether so-called “hero funds” truly move the dial. It also examines which fund categories offer the greatest reward for successful fund selection and considers whether shifting the balance between equity and fixed income allocations significantly alters underperformance rates.
Drawing on a decade of robust data and analysis, this report offers insights that may help inform client conversations, offering a deeper understanding of the dynamics between active and passive management.
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