As a result, actively managed funds typically do worse than passive funds, with returns after fees even lower and riskier. Indeed, not only are active “alpha” strategies often worse than beta ones; some are actually disguised beta strategies (because they follow market trends) – just with more leverage and thus more risk and volatility.
结果，积极管理基金常常比消极基金表现更差，费后回报则更低、风险更大。事实上，不但积极的“阿尔法”策略常常不敌贝塔策略，其中一些实际上根本就是伪装的贝塔策略（因为它们跟踪市场趋势），只不过杠杆更大，因此风险和波动也更大。