Index Fundamentalism Revisited — Redux

Posted: 14 Jul 2017

See all articles by Jared Kizer

Jared Kizer

Buckingham Strategic Wealth

Date Written: 2005


The findings in "Index Fundamentalism Revisited" on the relative performance of Vanguard synthetic active and index portfolios are explained largely by differing exposures to the value and small–stock premiums. Other findings such as the relative 15–year annualized returns and relative 2000–2002 performance of the two portfolios are similarly explained. Left unexplained is the synthetic active portfolio's lower volatility relative to the synthetic index portfolio.

Keywords: Synthetic Portfolio, Active Funds, Passive Funds, Value Premium, Size Premium

JEL Classification: G11, G12

Suggested Citation

Kizer, Jared, Index Fundamentalism Revisited — Redux (2005). Journal of Portfolio Management, Vol. 31, No. 2, pp. 112-119, 2005, Available at SSRN:

Jared Kizer (Contact Author)

Buckingham Strategic Wealth ( email )

8182 Maryland Avenue Suite 500
St. Louis, MO
United States

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