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.
About S&P Dow Jones Indices
At S&P Dow Jones Indices, we provide iconic and innovative index solutions backed by unparalleled expertise across the asset-class spectrum. We’re the largest global resource for index-based concepts, data and research and home to iconic financial market benchmarks such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based upon our indices than any other index provider in the world. Our solutions bring transparency to global capital markets and are widely considered essential in tracking market performance, evaluating portfolios and developing investment strategies.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape. To learn more, please visit www.spglobal.com/spdji.