共同基金能否跑赢大盘？QQQ与SPY相比，哪个更好？

来源: Silas7 于 2019-07-04 15:34:29 [档案] [旧帖] [给我悄悄话] 本文已被阅读：次 (2040 bytes)

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https://mathinvestor.org/2018/01/can-mutual-fund-investors-beat-the-market/

Here are some results from the S&P SPIVA report:

During a one-year period (i.e., 1 July 2016 through 30 June 2017), only 43.44% of large-cap managers, 39.31% of mid-cap managers, and 40.45% of small-cap managers outperformed their respective index.
Over a five-year period (i.e., 1 July 2012 through 30 June 2017), only 17.62% of large-cap managers, 12.79% of mid-cap managers, and 6.17% of small-cap managers outperformed their respective index.
Over a 15-year period (i.e., 1 July 2002 through 30 June 2017), only 6.82% of large-cap managers, 5.60% of mid-cap managers, and 5.57% of small-cap managers outperformed their respective index

也就是说，以15年计，只有5-6%左右的基金能跑赢其BENCHMARK （几乎所有的BENCHMARK都不如QQQ).

下面是我准备的一张图，比较QQQ, SPY，Fedility 及 Van Guard 的flagship 基金，从11/12/2001 至 7/3/2019 的表现（net return, gross return, expense ratio). QQQ （566%）表现最好， VPMAX其次（562%）。不计expense，FDGRX回报稍好于QQQ （583% vs. 573%）。SPY （374%）远不如QQQ （566%）。