Most professionally managed equity funds generally

Multiple Choice

outperform 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 ret

measures.

underperform 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 returr