Barry Ritholtz, Columnist

Active Versus Passive Scorecard: Emerging Markets Small-Cap Funds Are Big Active Winners

Twice a year, Standard & Poor's releases a âSPIVA Scorecardâ -- a report comparing the performance of active managers versus three passive indexes.

November 18, 2013 at 1:59 PM UTC

By Barry Ritholtz

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

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Twice a year, Standard & Poor's releases a "SPIVA Scorecard" -- a report comparing the performance of active managers versus three passive indexes. The S&P 500 large caps, S&P MidCap 400 and S&P SmallCap 600 are pitted against the median returns of active managers.

In the most recent report, the trailing 12 months returns for these indexes were 20.60 percent, 25.18 percent and 25.18 percent, respectively (latest data is as of June 30, 2013).