What Advisors Can Learn From the Investor Return Gap

Over the 10 years ended December 31, 2025, investors in U.S. mutual funds and ETFs earned an average annual return of 8.7%, compared with 9.9% for the funds themselves. According to Morningstar’s latest Mind the Gap research, that 1.2-percentage-point gap reflects the impact of investors’ purchase and sale decisions. Across the roughly $13.6 trillion asset [...] The post What Advisors Can Learn…