Over a 10-year horizon, about 90 percent of active managers don't outperform the S&P 500. Performance gets worse with mid caps and small caps. Over a 10-year horizon, the small cap underperformance rate (which will follow a benchmark like the Russell 2000) is about 98 percent(!)For multi-cap funds, the high-90s underperformance rate is evident after just 5 years. We also see the same for investment-grade bonds and high-yield, which follow their own benchmarks.