Terry Savage: Which stock market? It matters when judging returns

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And even those who outperform do so on a temporary basis; only 5% of the above-median large-cap active equity funds in calendar year 2020 remained above median in each of the two succeeding years.If the pros can’t consistently beat the market, why should you try? Or more importantly, why should you pay management fees and commissions, when you could just invest in the index?

“More defensive sectors like Consumer Staples, Health Care, Utilities, and even Energy are all lagging behind the Index by a sizable margin. Three of these historically resilient sectors have actually seen negative returns so far this year.”

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