The Lipper Average, or Lipper Index, is a number based on a series of indexes that include actively managed funds divided into various categories, such as large cap or small cap growth funds. The Lipper Average does not track the performance of passively managed funds, and only tracks the performance of current funds, so historical performance comparisons may be adjusted if a fund terminates. Since the comparisons are only between similar funds, and not any index or benchmark, some experts believe that some conclusions drawn from the Lipper Average performance data may mislead investors. An example could be one fund that declined by 20%, and another similar fund that declined by 10%. The fund that declined by 10% may seem attractive compared with a similar fund, but if a benchmark closely correlated to the fund declined by only 5%, then both funds’ returns are pretty weak.