Sure, but in finance it's not clean. It's not like one fund is getting 10% every single year and the other 7% every single year - there's high variability. Th

Sure, but in finance it's not clean. It's not like one fund is getting 10% every single year and the other 7% every single year - there's high variability. The fund that'd underperforming may expect that the other fund's strategy is likely to blow up once every 20 years and thus not be worth it. It takes decades to get statistically significant results, and by then the world has changed.