Passive risk

Only 24% of the members of the S&P 500 have outperformed their benchmark over the last 12 months. The last time such a situation arrived was in 1999, just before the Internet bubble burst. Combined to the fact that the US market is now extremely concentrated on a few mega-techs, it is more and more apparent the S&P 500 does no longer present the diversification benefits it used to have.