SPIVA U.S. Mid-Year 2026

S&P Global

Anu Ganti

Research

50 Pages

S&P Dow Jones Indices released its latest SPIVA U.S. Scorecard for the first half of the year, measuring how actively managed funds performed against their benchmarks. Even with a broader market and strong gains outside the largest stocks, most active managers still trailed. In the headline comparison, 67% of large-cap funds underperformed the S&P 500.

Key Takeaways

Large-Cap Underperformance: 67% of large-cap funds trailed the S&P 500 in the first half, an improvement from 79% in 2025 yet still a majority.
Mid and Small Caps: 74% of mid-cap and 69% of small-cap funds underperformed, even as the S&P MidCap 400 and SmallCap 600 outpaced the S&P 500.
International and Emerging Markets: Only 49% of international funds and 38% of emerging market funds underperformed, the brighter spot as those benchmarks led global returns.
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