Even index funds have management fees. They're very low now, to the point of not mattering a lot, but it would still explain the ranking. There's some other i

Even index funds have management fees. They're very low now, to the point of not mattering a lot, but it would still explain the ranking. There's some other interesting effects with index funds too. Sometimes the price of ETF index funds gets out of whack with the actual holdings. When that happens, there are corrections that get brokered with well bank-rolled partners. This probably accounts for a bit of performance loss as well.