Mutual Funds

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What is the Standard & Poor’s Indices Versus Active (SPIVA) funds scorecard?

The Standard & Poor’s Indices Versus Active funds scorecard is a research study published every six months. It measures the performance of actively managed U.S. equity funds, international equity funds, and fixed income funds. The data is corrected for various inherent inconsistencies, such as survivorship bias (as funds liquidate or merge with other funds), similarity of comparison (to compare the fund with the correct index, given its portfolio and objective), asset-weighted returns (so large funds with great returns are treated differently than small funds with great returns), style drift (when a fund develops a portfolio outside its core objective), and data cleaning (excluding indexed funds, leveraged funds, and inverse funds).


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