79% of Large-Cap Fund Managers Trailed S&P 500 Index in 2025, Extending Long-Term Trend

In 2025, 79% of large-cap U.S. stock funds trailed a plain S&P 500 index fund, according to the source, which notes active managers beat the index in only 3 of the last 25 years.
The source argues the premium fee paid for active management amounts to a bet that loses four times out of five, and that fee compounds against investors every year they hold the fund.