In contrast to the average equity fund investor, who was beat by an index, the average fixed-income fund investor outperformed the Bloomberg Fixed Income Index by 93 basis points, Dalbar found.

Last year, Dalbar found that investors mitigated their losses during the volatility that followed the emergence of the pandemic in 2020. For the year 2020, the investor gap for equity investors was 1.11% (17.29% for the average equity fund investor and 18.40% for the S&P 500).

While this was material underperformance, it was not alarming based on historical comparisons, Dalbar reported. However, equity fund investors did divest during 2020 and continued to do so into 2021, which caught up to them, the firm said. 

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