S&P Indices Versus Active (SPIVA®) measures the performance of actively managed funds against their relevant S&P index benchmarks. These regional scorecards compare fund managers’ results across the spectrum of S&P large-cap, mid-cap, small-cap and sector indices.
It’s important to note that this is a comparison of relative return active managers. That is, S&P Indices Versus Active (SPIVA®) compares the S&P Indices to active manages who are attempting to track and beat their indexes.
The scorecards found at S&P Indices Versus Active (SPIVA®) intend to answer “Does past performance matter?” They say:
About the Persistence Scorecard
The phrase “past performance is not an indicator of future outcomes” (or some variation thereof) can be found in the fine print of most mutual fund literature. Yet due to either force of habit or conviction, investors and advisors consider past performance and related metrics to be important factors in fund selection. So does past performance really matter?
To answer this question on a continuous basis, the S&P Persistence Scorecard, released twice per year, tracks the consistency of top performers over yearly consecutive periods and measures performance persistence through transition matrices. As in our widely followed SPIVA® Scorecards, the University of Chicago’s Center for Research in Security Prices Survivorship (CRSP) Bias Free Mutual Fund Database serves as our underlying data source.1
S&P Dow Jones Indices is one of the world’s leading index providers, maintaining a wide variety of investable and benchmark indices to meet an array of investor needs. Our Index Research & Design team is dedicated to conducting unbiased, in-depth analysis on a broad range of topics and issues facing investors in today’s marketplace. This scorecard highlights performance persistence over three- and five-year consecutive 12-month periods and two non-overlapping three- and five-year periods.
To learn more and read the reports, visit S&P Indices Versus Active (SPIVA®)