The 10-year results indicated that only one in five active funds beat passive rivals, with fees a key determinant of outcomes.

Active funds largely lagged their passive counterparts in 2025, according to the year‑end instalment of Morningstar’s Active/Passive Barometer, which evaluated 9,200 funds representing about US$26 trillion in assets, or roughly 67% of the US fund market. One‑year results can fluctuate significantly and are an insufficient basis for firm conclusions Morningstar reported that only 38% of the 3,140 active funds in its one‑year analysis both survived and outperformed the average passive pe