IN THIS LIST

SPIVA^® India Mid-Year 2026

SPIVA^® U.S. Mid-Year 2026

SPIVA^® Latin America Mid-Year 2026

SPIVA^® Australia Mid-Year 2026

SPIVA^® South Africa Mid-Year 2026

SPIVA - Sep 21, 2026

SPIVA^® India Mid-Year 2026

Sue Lee

APAC Head of Index Investment Strategy

S&P Dow Jones Indices

Marco Zhang, Ph.D.

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Since the first publication of the S&P Indices Versus Active (SPIVA) U.S. Scorecard in 2002, S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate. The SPIVA India Scorecard measures the performance of Indian actively managed funds against their respective benchmarks over various time horizons, encompassing equity and bond funds and providing statistics on underperformance rates, survivorship and fund return dispersion.

Mid-Year 2026 Highlights

The first half of 2026 witnessed Indian active funds facing challenges across equity and fixed income categories. A majority of actively managed funds underperformed their respective benchmarks in all five reported categories. Over longer horizons, active funds continued to face significant headwinds, with all categories exhibiting underperformance rates well above 70% over the 10-year period. Exhibit 1 summarizes the results across all reported categories.

Indian Equity Large-Cap Funds: The S&P India LargeMidCap declined 4.0% in the first half of 2026, while the average actively managed Indian Equity Large-Cap fund lost 5.1% on an equal-weighted basis and 5.6% on an asset-weighted basis. Over the period, 85% of active funds underperformed the benchmark. Underperformance rates remained elevated over longer horizons, reaching 80%, 85% and 74% over the 3-, 5- and 10-year periods, respectively.
Indian ELSS Funds: The S&P India BMI fell 2.4% in H1 2026, while the average Indian ELSS fund declined 2.4% on an equal-weighted basis and 2.6% on an asset-weighted basis. With a broadly similar average performance, 55% of funds failed to beat the benchmark. Underperformance rates rose steadily over longer horizons, reaching 64%, 71% and 80% over the 3-, 5- and 10-year periods, respectively.
Indian Equity Mid-/Small-Cap Funds: Small caps were the strongest-performing segment of the Indian equity market in the first half of 2026, with the S&P India SmallCap posting a 7.7% gain. Actively managed Indian Equity Mid-/Small-Cap funds returned an average of 6.5% on an equal-weighted basis and 4.9% on an asset-weighted basis. Over the six-month period, 67% of funds underperformed the benchmark; the underperformance rates were 53%, 55% and 82% over the 3-, 5- and 10-year horizons, respectively.

Download Full Article

SPIVA - Sep 17, 2026

SPIVA^® U.S. Mid-Year 2026

Anu R. Ganti

Head of U.S. Index Investment Strategy

S&P Dow Jones Indices

Liam Flaherty

Senior Analyst, Index Investment Strategy

S&P Dow Jones Indices

Nick Didio

Quantitative Associate, Index Investment Strategy

S&P Dow Jones Indices

Summary

The S&P 500^® rose by 10% in the first six months of 2026, rebounding sharply in Q2 after a dismal Q1. Robust corporate earnings and an expansion in market breadth were accompanied by the outperformance of mid and small caps, with the S&P MidCap 400^® and the S&P SmallCap 600^® up 17& and 24%, respectively. Compared with recent years, active managers faced a more supportive market backdrop, characterized by broader participation and stronger performance outside the largest stocks.

In our largest and most closely watched comparison, 67% of all active large-cap U.S. equity funds underperformed the S&P 500. It was an improvement from the 79% rate observed over full-year 2025, but these seemingly favorable conditions were still not enough for most managers to capitalize on.

SPIVA® U.S.: Mid-Year 2026: Exhibit 1

In a marked turning point from the prior three years, the S&P 400^® and the S&P 600^® outperformed The 500^® by 7% and 14%, respectively, in H1 2026. This may have created opportunities for large-cap managers to tilt toward outperforming smaller caps to generate greater relative outperformance, but fewer opportunities for mid- and small-cap managers to tilt toward the larger end of the capitalization range. 74% of All Mid-Cap funds and 69% of All Small-Cap funds underperformed.

SPIVA® U.S.: Mid-Year 2026: Exhibit 2

Fortunes favored managers focused on international equities, as evidenced by only 49% of U.S.-domiciled International funds and 53% of Global funds underperforming their respective benchmarks. Managers that were overweight in outperforming emerging markets could have benefited, with the S&P Emerging Plus Index up 22%, beating both the S&P World Index and the S&P World Ex-U.S. Index by 13%. Notably, emerging market managers fared even better than their international peers: only 38% of Emerging Markets funds underperformed the S&P Emerging Plus Index.

Unlike in 2025, international small-cap managers generally performed better than their emerging market peers: only 35% of International Small-Cap funds underperformed the S&P Developed Ex-U.S. Small-Cap. The benchmark was the laggard among our reported equity category benchmarks, up 6% in H1 2026, underperforming the S&P World Ex-U.S. by 4%. A lower hurdle to beat combined with plentiful opportunities to tilt toward international mid and large caps were favorable tailwinds.

Results for bond managers were generally better, with a cross-category average underperformance rate of 38%, lower than the 60% observed across equities. Only 42% of General Investment Grade and 49% of High Yield funds underperformed their respective benchmarks. Performance for government managers was bleak: 77% of General Government funds underperformed.

Download Full Article

SPIVA - Sep 10, 2026

SPIVA^® Latin America Mid-Year 2026

Joseph Nelesen, Ph.D.

Head of Specialists, Index Investment Strategy

S&P Dow Jones Indices

Sara Pineros

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Euan Smith

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Summary

The SPIVA Latin America Scorecard measures the performance of actively managed funds across Brazil, Chile and Mexico against their respective benchmarks over various time horizons, providing statistics on underperformance rates, survivorship rates and fund performance dispersion.

Mid-Year Highlights

Most Latin American benchmarks rose during H1 2026, and amid heightened dispersion and volatility, fewer than half of active funds lagged their benchmarks, with H1 underperformance rates ranging from 24.5% to 46.3%. Despite recent success, most funds underperformed in every category over 10 years (see Exhibit 1).

SPIVA Latin America Mid-Year 2026: Exhibit 1

Mexico

The S&P/BMV IRT climbed 5.8% in the first half of 2026. Less than half of active Mexico Equity funds (43.5%) underperformed for the six-month horizon. While a significant 63.0% of funds underperformed over the one-year period, this figure steadily rose to 65.1%, 70.5% and ultimately 75.6% over the 3-, 5- and 10-year periods, respectively (see Report 1a).
The median active fund return beat the benchmark by 0.9% in H1 2025 and underperformed by 1.1%, 0.7%, 1.3% and 2.8% for the 1-, 3-, 5- and 10-year periods, respectively (see Reports 3 and 5). Over the 10-year period, the threshold for top-quartile managers exceeded the benchmark by 0.5%.
Survival rates for active Mexico Equity funds remained the highest among all domestic equity categories in our SPIVA Latin America Scorecard, at 100%, 97.8%, 97.7% 95.5% and 82.9% over the 6-month and 1-, 3-, 5- and 10-year periods, respectively (see Report 2).
Funds in Mexico with greater assets, on average, performed slightly worse than smaller funds in H1 2026. During the first six months of 2026, average returns for Mexico Equity funds were 3.7% and 5.5% on asset-weighted and equal-weighted bases, respectively (see Reports 3 and 4).

Brazil

Brazil’s equity market finished the first half of 2026 with mixed results. Large-cap stocks, as measured by the S&P Brazil LargeCap, led the way, rising 3.0% in H1. In aggregate, smaller stocks were a drag on performance, as illustrated by the S&P Brazil BMI climbing 1.6% while the S&P Brazil MidSmallCap declined 1.5% during the first six months of 2026.
Year-to-date through June 2026, active fund underperformance varied across Brazilian equity categories. While 31.2% of Brazil Large-Cap funds trailed their benchmark, underperformance was higher for Brazil Mid-/Small-Cap funds and broader Brazil Equity funds at 44.5% and 46.3%, respectively. Active managers within all categories produced even worse outcomes relative to their respective benchmarks over the longer 10-year period ending in June 2026, with underperformance rates of 67.4%, 89.2% and 81.7% in the Brazil Large-Cap, Brazil Equity and Brazil Mid-/Small-Cap fund categories, respectively (see Report 1a).

Chile

Chile’s equity market remained positive for the first half of 2026, with the S&P Chile BMI rising 3.4% (see Report 3).
Slightly less than one-third of active Chile Equity funds (32.5%) underperformed the S&P Chile BMI over the first six months of 2026, but underperformance rates varied over longer time periods, with 56.1%, 55.6%, 60.5% and 88.1% of active funds lagging the benchmark over the 1-, 3-, 5- and 10-year periods, respectively (see Report 1a). The median Chile Equity fund outperformed the benchmark by 1.1% in H1 2026 but trailed by 1.4% over the longer 10-year period (see Report 5).
Over the six-month period, the average relationship between fund size and returns was inverse, with active Chile Equity funds rising 12.5% and 4.7% on equal-weighted and asset-weighted bases, respectively. Over the 10-year period ending in June 2026, however, returns for Chile Equity funds remained somewhat similar across asset levels, averaging 12.1% on an equal-weighted basis, while asset-weighted returns averaged 11.5% (see Reports 3 and 4).
Over the 10-year period, the threshold for top-quartile active funds exceeded the benchmark by 1.0% (see Reports 3 and 5).

Fixed Income

Brazil’s bond benchmarks continued to rise in H1, with the ANBIMA IDA (corporate bonds) and ANBIMA IMA (government bonds) indices increasing 4.4% and 5.8%, respectively (see Report 3).
Most fixed income funds outperformed in H1 2026, with six-month underperformance rates for Brazil Corporate Bond funds and Brazil Government Bond funds at 24.5% and 37.6%, respectively. Over the 10-year period, underperformance rates remained high, reaching 93.6% for Brazil Corporate Bond funds and 93.4% for Brazil Government Bond funds.

Market Context

After outpacing much of the rest of the world in 2025, Latin America’s equity markets remained in positive territory during the first half of 2026, but not without some bumps along the way. The S&P Latin America BMI entered the year strong, outpacing the S&P World Index and quickly rising more than 20% before eventually slowing down to finish H1 up 10.0% in U.S. dollar terms (see Exhibit 2).

SPIVA Latin America Mid-Year 2026: Exhibit 2

Download Full Article

SPIVA - Sep 07, 2026

SPIVA^® Australia Mid-Year 2026

Sue Lee

APAC Head of Index Investment Strategy

S&P Dow Jones Indices

Marco Zhang, Ph.D.

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

The SPIVA Australia Scorecard measures the performance of actively managed funds relative to benchmarks over various time horizons, encompassing equity, real estate and bond funds, while providing statistics on outperformance rates, survivorship rates and fund performance dispersion.

Mid-Year 2026 Highlights

The first half of 2026 proved challenging for active managers across Australian equity categories. A majority of funds underperformed their respective benchmarks in every reported equity category. By contrast, Australian Bonds was the only category in which a slim majority of active funds outperformed the benchmark. Over longer horizons, active funds continued to face considerable headwinds, with underperformance remaining elevated across all categories.

SPIVA® Australia: Mid-Year 2026: Exhibit 1

Global Equity General Funds: Global equities posted moderate gains in the first half of 2026, with the S&P World Index advancing 5.3%. Actively managed Global Equity General funds struggled to keep pace with the broad market, delivering an average return of 2.7% on an equal-weighted basis and 3.0% on an asset-weighted basis, with 58% of funds underperforming. Underperformance rates increased substantially over longer horizons, reaching 94% over 10 years and 96% over 15 years.

Australian Equity General Funds: The S&P/ASX 200 gained 2.4% in H1 2026, while the average actively managed Australian Equity General fund returned only 0.2% on an equal-weighted basis and 4% on an asset-weighted basis. Three out of four funds (78%) failed to beat the benchmark, putting 2026 on track to record the second-highest underperformance rate since 2013 (see Exhibit 7). Over the 15-year period, 89% of funds underperformed.

Australian Equity Mid- and Small-Cap Funds: Smaller Australian companies lagged their large-cap counterparts in H1 2026. The S&P/ASX Mid-Small declined 5.9%, while the average Australian Equity Mid- and Small-Cap fund returned -7.6% on an equal-weighted basis and -8.7% on an asset-weighted basis. Consequently, 65% of funds underperformed the benchmark. Although long-term outcomes remained challenging, with underperformance rates rising to 76% over 10 years, this category continued to fare somewhat better than Australian Equity General funds.

Australian Equity A-REIT Funds: Listed property securities also struggled during the first half of 2026. The S&P/ASX 200 A-REIT fell 5.2%, while the average Australian Equity A-REIT fund declined 5.6% on both equal-weighted and asset-weighted bases. As a result, 65% of funds underperformed the benchmark. Underperformance rates remained elevated over longer horizons, reaching 71% over 10 years and 86% over 15 years.

Australian Bonds Funds: The S&P/ASX iBoxx Australian Fixed Interest 0+ Index (Legacy) gained 2.3% in H1 2026, while active Australian Bonds funds slightly exceeded benchmark performance on average, generating returns of 4% on both equal-weighted and asset-weighted bases. Nevertheless, 44% of funds underperformed the benchmark, up from 27% in calendar year 2025 (see Report 1c). Long-term results remained challenging, with underperformance rates reaching 62% and 79% over the 10- and 15-year horizons, respectively.

Fund Survivorship: Fund liquidation remained moderate during the first half of 2026, averaging 3% across all categories. Australian Equity A-REIT funds experienced the highest liquidation rate, at 8%. Survivorship declined significantly over longer horizons; after 15 years, more than one-half of funds had either merged or liquidated, highlighting fund closures as an additional risk for fund selectors.

Download Full Article

SPIVA - Sep 03, 2026

SPIVA^® South Africa Mid-Year 2026

Tim Edwards, Ph.D.

Managing Director and Global Head of Index Investment Strategy

S&P Dow Jones Indices

Agatha Malinowski

Quantitative Associate, Index Investment Strategy

S&P Dow Jones Indices

Euan Smith

Quantitative Analyst, Index Investment Strategy

S&P Dow Jones Indices

Offering data in support of the ongoing analysis of active and passive approaches to investment, the S&P Index Versus Active (SPIVA) South Africa Scorecard measures the performance of actively managed South African equity, global equity and fixed income funds denominated in South African rand (ZAR) against their respective benchmark indices over various time horizons.

Mid-Year 2026 Highlights

The first half of 2026 brought changes in equity market leadership while fixed income trends continued. Domestic equities declined after a strong five-year advance, while global equities gained in rand terms. The local stock market’s modest retreat concealed a wide range of performance, but a majority of actively managed funds underperformed their benchmarks in every category except Short-Term Bond. Exhibit 1 summarizes the results.

Exhibit #1: SPIVA South Africa Mid-Year 2026

South Africa Equity: The S&P South Africa 50 fell 2.9% in the first half of 2026, while the broader S&P South Africa Composite Capped declined 2.5%. A majority of actively managed South Africa Equity funds underperformed both benchmarks, with 66% underperforming the S&P South Africa 50 and 69% underperforming the S&P South Africa Composite Capped. Funds in the domestic equity category posted average losses of 3.4% and 3.1% on equal- and asset-weighted bases, respectively (see Reports 1a, 3 and 4).
Global Equity: The S&P World Index had a total return of 8.2% in ZAR terms during H1 2026, while Global Equity funds gained 2.9% and 3.8% on equal- and asset-weighted bases, respectively. In the same period, 82% of actively managed funds underperformed the index. Underperformance rates increased sharply over longer time horizons in this category, rising to 100% of funds over the 10-year period (see Reports 1a, 3 and 4).
Short-Term Bond: The STeFI Composite increased 3.4% in H1 2026, and just 7% of Short-Term Bond funds underperformed the index. The category’s longer-term absolute record remained distinctive, although risk-adjusted results were considerably less favorable. Over the 3-, 5- and 10-year periods, 11%, 16% and 33% of funds underperformed, respectively. On a risk-adjusted basis, underperformance rates rose to 97%, 75% and 88% over the 3-, 5- and 10-year periods, respectively (see Reports 1a, 1b and 3).
Diversified/Aggregate Bond Funds: The S&P South Africa Sovereign Bond 1+ Year Index posted a gain of 4.3% in H1 2026, and 58% of Diversified/Aggregate Bond funds underperformed the index. Longer-term absolute underperformance rates were higher, while adjusting for risk materially changed the comparison (see Reports 1a and 3).
Fund Survivorship: Fund attrition rates for all categories were in low single digits for the six-month period ending June 30, 2026. The South Africa Equity category had the highest attrition rate at 5.7%. Over the 10-year period, 54.9% of South Africa Equity funds merged or were liquidated, and 40.0% of funds disappeared across all categories (see Report 2).

Download Full Article

S&P Global Offerings

Market Intelligence

Ratings

Energy

S&P Dow Jones Indices

Featured Topics

Featured Products

S&P Capital IQ Pro

S&P Global Energy Core

S&P Global ESG Scores

AutoCreditInsight

Ratings360

SPICE: The Index Source for ESG Data

Events

Careers

Our Services

Our Services

Data & Index Licensing

Data Delivery Platforms

Private Investment Benchmarks

Investment Themes

U.S. Core

Fixed Income

Factors

Thematics

Professional Resources

Wealth Managers

Insurance

Institutional Investor

Defined Contribution

Equity

Fixed Income

Commodities

Multi-Asset

Private Markets

Sustainability

Dividends & Factors

Thematics

Digital Assets

Indicators

Other Strategies

By Region

Our Exchange Relationships

North America

Latin America

EMEA

Asia Pacific

Research & Insights

Research

Education

Performance Reports

SPIVA

Investment Themes

Blog

Events & Webinars

Index TV

Education

Education

Our Education Partnerships

Index Literacy: An Investor's Guide to Indices

VIX: A Primer on the Volatility Gauge

Performance Reports

View All

Index Dashboards

Quarterly Reports

Global Daily Index Dashboard

SPIVA®

SPIVA Data

About SPIVA

SPIVA Library

Investment Themes

Events & Webinars

In-Person Events

Webinars

Webinars on Demand

Governance

Regulatory Information

Methodologies

Consultations

Corporate Engagement