Index Fundamentalism Revisited—Redux
研究发现，先锋合成主动型与指数型投资组合的相对表现主要由价值溢价和小盘股溢价的不同暴露程度解释，但主动型组合波动率更低的原因未明。
The findings in ?Index Fundamentalism Revisited? on the relative performance of Vanguard synthetic active and index portfolios are explained largely by differing exposures to the value and small–stock premiums. Other findings such as the relative 15–year annualized returns and relative 2000–2002 performance of the two portfolios are similarly explained. Left unexplained is the synthetic active portfolio9s lower volatility relative to the synthetic index portfolio.