Abstract
The paper explores the research question: During the March 1, 2009 to December 31, 2017 time period, which investment management style, active or passive, produced the better risk-adjusted performance?The study tested nine hypotheses, derived from the above research question for the period.The Sharpe composite portfolio performance measure, that combines risk and return into a single value, was used to measure, analyze, and rank risk-adjusted performance.The study, comprised of 9 statistical tests, found that on a risk-adjusted basis that the active indices(proxies for active management) Sharpe ratios did not significantly exceed the passive indices (proxies for passive management) Sharpe ratios for the period tested.
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