Most professionally managed equity funds generally $\_\_\_\_\_\_\_\_\_\_.$

Group of answer choices

outperform the S&P $500$ Index on both raw and risk$-$adjusted return measures

underperform the S&P $500$ Index on both raw and risk$-$adjusted return measures

outperform the S&P $500$ Index on raw return measures and underperform the S&P $500$ index on risk$-$adjusted return measures

underperform the S&P $500$ Index on raw return measures and outperform the S&P $500$ index on risk$-$adjusted return measures

match the performance of the S&P $500$ Index on both raw and risk$-$adjusted return measures