Most professionally managed equity funds generally:

Multiple Choice

match the performance of the S&P $500$ Index on both raw and 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.

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

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.

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