It remains incredibly difficult to generate returns in the stock market that beat (or outperform) a passively managed fund tracking the S&P 500.

According to S&P Dow Jones Indices (SPDJI), 51.1% of U.S. large-cap equity fund managers underperformed the S&P 500 in 2022 — despite the fact that the S&P itself fell into a bear market during that period.

“Declining markets can make active management skills more valuable, and our 2022 scorecard identifies several fund categories in which a majority of active managers outperformed,” SPDJI analysts led by Tim Edwards wrote on Tuesday. “However, in the largest and most closely watched category, U.S. large-cap equities, a slim majority underperformed.”