Are you adequately diversified across investment strategies as well as asset classes? Generally, Passive Strategies outperform when the market is doing well, but underperform in times of market turbulence or stress. This is because active managers are able to invest more in defensive sectors and asset classes relative to a passive index. Since we know that the end of the current bull market is coming (although not when exactly!) it is wise to be diversified across both strategies. This research paper by Hartford Funds delves into how the various strategies have performed over the last 30+ years.