{"id":29658,"date":"2024-04-12T15:07:30","date_gmt":"2024-04-12T09:37:30","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=29658"},"modified":"2024-04-12T15:07:30","modified_gmt":"2024-04-12T09:37:30","slug":"passive-investing-is-better-know-why","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/","title":{"rendered":"Passive Investing is better. Know why."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d673a153fd8\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d673a153fd8\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/#Active_investing\" title=\"Active investing\">Active investing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/#Passive_investing\" title=\"Passive investing\">Passive investing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/#Cost_of_Investing_and_which_approach_is_better\" title=\"Cost of Investing and which approach is better?\">Cost of Investing and which approach is better?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/#Performance_of_Active_Funds_vs_Passive_Funds\" title=\"Performance of Active Funds vs Passive Funds\">Performance of Active Funds vs Passive Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/#Other_advantages_of_Passive_investing\" title=\"Other advantages of Passive investing\">Other advantages of Passive investing<\/a><\/li><\/ul><\/nav><\/div>\n<p>This article explores why passive investing is a smarter choice compared to active investing. But before we get into the reasons, let&#8217;s understand the difference between the two investing approaches.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Active_investing\"><\/span><strong>Active investing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Active investing involves frequent buying and selling securities based on their short-term performance, with the goal of outperforming the average market returns. This &#8220;short term&#8221; could be weeks, days, or even hours.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Passive_investing\"><\/span><strong>Passive investing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Passive investing, on the other hand, is a &#8220;buy and hold&#8221; strategy in which investments are held over longer periods, often years. The aim is to match the average market returns instead of outperforming them. This typically means investing in mutual funds that track an index, or <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\/others\/index-funds\/\">index funds.<\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cost_of_Investing_and_which_approach_is_better\"><\/span><strong>Cost of Investing and which approach is better?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Confused about what strategy works for you as an individual investor?\u00a0 How do you make a choice? For any investing strategy, you need to look at the following considerations:<\/p>\n<h4><\/h4>\n<p>&nbsp;<\/p>\n<h4><strong>1. Cost of Risk<\/strong><\/h4>\n<p>Active investing, whether through actively managed mutual funds or picking individual stocks, inherently carries a greater risk than the passive approach. This is because the find manager or the investor bets on specific securities to outperform the market. Passive investing only aims to replicate the market (specifically, the index it is tracking), and therefore, the element of additional risk is lesser. Does the additional risk in active investing offer any guarantee of alpha returns (higher than the index)? We&#8217;ll look at data in the next section to answer this question.<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>2. Cost of fee<\/strong><\/h4>\n<p>Passive funds are less expensive than active funds. In fact, some have expense ratios that are only a quarter of those charged by active funds. Active funds are more expensive because they need additional resources for constant research, analysis and forecasting. In addition, they also include transaction costs like SEBI turnover fees, stamp duty, GST, and Security Transaction Tax (STT), which can add up to a significant cost with frequent trading.<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>3. Cost of taxes<\/strong><\/h4>\n<p>Passive investing fares better, because longer-held investments qualify for lower long-term capital gains (LTCG) tax rates of 10%, compared to short-term rates of 15%. By holding passive investments longer, taxes on capital gains are deferred, allowing a larger capital base to grow and enhancing returns.<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>Interested to invest in index funds? <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\/others\/index-funds\/\">Start here<\/a>.<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.kuvera.in\/dl\/v2\/?redirect_to=dashboard-invest\/fixed-deposit?source=fd_blog_banner\"><img loading=\"lazy\" class=\"alignnone wp-image-29666 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/FD-Banner-9.4-03.png\" alt=\"FD Up to 9.40% on Kuvera\" width=\"600\" height=\"150\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Performance_of_Active_Funds_vs_Passive_Funds\"><\/span>Performance of Active Funds vs Passive Funds<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Active funds aim to exceed benchmarks like the Nifty 50 or BSE 500, but data shows they often fall short. Over the last three to five years, only a few large-cap mutual funds have consistently outperformed the Nifty 50 index, and these funds typically show more volatility in their returns. Here&#8217;s a look at data from <a href=\"https:\/\/www.spglobal.com\/spdji\/en\/spiva\/article\/spiva-india\/\">SPIVA India Year-End 2023 report<\/a>.<\/p>\n<h4><img loading=\"lazy\" class=\"alignnone size-large wp-image-29659\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023-1024x698.png\" alt=\"SPiVA India Data 2023 Kuvera\" width=\"640\" height=\"436\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023-1024x698.png 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023-300x205.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023-768x524.png 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023-96x66.png 96w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023-150x102.png 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/SPiVA-India-Data-on-Active-Funds-CY-2023.png 1352w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/h4>\n<h4><\/h4>\n<h4>Equity Large-Cap Funds<\/h4>\n<p>The S&amp;P BSE 100 gained 23.2% in 2023, and ~ 52% of active managers underperformed the benchmark over this period.<br \/>\nUnderperformance rates were significantly high over the three- and five-year periods, at 87.5% and 85.7%, respectively.<br \/>\nActive managers produced relatively better results over the 10-year period, with the underperformance rate dropping to 62.1%.<\/p>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<h4><\/h4>\n<h4>Equity Mid-\/Small-Cap Funds<\/h4>\n<p>Here, data gets more interesting. In 2023, the S&amp;P BSE 400 MidSmallCap Index saw a gain of 44.0%, but 73.6% of active managers in this category did not perform as well. Over a decade, ending December 2023, Indian Equity Mid-\/Small-Cap funds showed the poorest long-term performance among equity categories on the SPIVA India Scorecard, with 75.4% trailing behind the index.<\/p>\n<p>&nbsp;<\/p>\n<h4>US Data<\/h4>\n<p>Data from the US is even more interesting!<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-29660\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/US-Active-Funds-Data.jpeg\" alt=\"US Active Fund Underperformance Data\" width=\"972\" height=\"796\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/US-Active-Funds-Data.jpeg 972w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/US-Active-Funds-Data-300x246.jpeg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/US-Active-Funds-Data-768x629.jpeg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/US-Active-Funds-Data-150x123.jpeg 150w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/p>\n<p>As you can see, a vast majority of funds across categories, and across periods have underperformed.<\/p>\n<p>Clearly, Passive investing offers greater cost advantages along with the guarantee of close to market returns. For individual investors, passive investments in index would probably yield better returns than actively managed portfolios.<\/p>\n<p>Why, then, would one want to take an active investing approach? Greed is the prime driver. These investors prefer actively managed funds to avoid being &#8220;average,&#8221; accepting the risk of underperforming for the chance to exceed average returns. It&#8217;s a case of market-matching returns not being as impressive as outperforming the market. But then, what are the chances of that happening?<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Other_advantages_of_Passive_investing\"><\/span>Other advantages of Passive investing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Passive investing also avoids many active investment pitfalls, such as biases, risk aversion or recklessness based on past investments, reliance on second-hand tips, and the fear of missing out (FOMO). When choosing between passive and active investing, look at the costs and behavioural factors, too. You&#8217;ll know which is the smarter choice.<\/p>\n<p>&nbsp;<\/p>\n<p>Cover image courtesy: https:\/\/storyset.com\/people People illustrations by Storyset<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/in-investing-the-simplest-things-are-the-hardest\/\">Zen And The Art Of Investing<\/a><\/p>\n<p><strong>Watch here:<\/strong> Index funds explained<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/hmLpCy09PR8?si=rZiNnmqpoa3WcvW1\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<\/div>\n<div><\/div>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a>\u00a0to discover Direct Plans and\u00a0<a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a>\u00a0and start investing today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article examines the merits of passive over active investing. Active investing involves frequent transactions aiming to beat market returns, often at higher risk and cost due to necessary resources for research and higher transaction fees. Passive investing, by contrast, adopts a long-term &#8220;buy and hold&#8221; strategy, aiming to mirror market returns with lower costs and reduced tax implications due to favorable long-term capital gains rates. Performance data indicates that active funds often fail to surpass benchmarks, with significant underperformance rates, especially in Indian equity funds according to the SPIVA India Year-End 2023 report. Passive investing not only offers cost advantages but also minimizes risks such as investment biases and the potential for FOMO, making it a smarter choice for individual investors seeking consistent market-matching returns. [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/passive-investing-is-better-know-why\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":29663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[81,99],"tags":[282,317,83,608,85,1322,2482],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Passive investing is better. Know why.<\/title>\n<meta name=\"description\" content=\"For individual investors, passive investing is a better strategy than active due to lower costs, and steadier returns. 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