Comparison of the performance of Czech actively managed funds with ETFs

Porovnání výkonnosti českých aktivně spravovaných fondů s ETF

Martina Sobková

Český finanční a účetní časopis, 2025, vol. 2025, issue 1, 44-65

Abstract: The article focuses on comparing the performance of domestic actively managed funds with ETFs, or Exchange Traded Funds, which are traded on stock exchanges and generally aim to track a selected index. It compares actively managed funds and ETFs from both a return and volatility perspective. Key indicators analyzed include average return, Sharpe ratio, Beta, Jensen's alpha, and Treynor ratio. The objective of this article is to conduct a detailed analysis and empirical evaluation of whether actively managed investment funds-managed by portfolio managers with the goal of achieving above-average returns-can outperform passively managed funds in the long run. These passive funds, such as index funds and ETFs, track the performance of a specific market or sector without active intervention from fund managers. The emphasis is placed on empirical observations, i.e., actual historical results, rather than theoretical considerations, to provide an objective assessment of whether active management delivers higher added value for investors compared to passive investing, which relies on long-term market growth.

Keywords: Active management; Passive management; ETF; Funds; Investments; Asset performance; Aktivní správa; Pasivní správa; Fondy; Investice; Výkonnost aktiv (search for similar items in EconPapers)
JEL-codes: C58 G11 G23 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://cfuc.vse.cz/doi/10.18267/j.cfuc.608.html (text/html)
http://cfuc.vse.cz/doi/10.18267/j.cfuc.608.pdf (application/pdf)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlcfu:v:2025:y:2025:i:1:id:608:p:44-65

Ordering information: This journal article can be ordered from
Český finanční a účetní časopis, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3
http://cfuc.vse.cz

DOI: 10.18267/j.cfuc.608

Access Statistics for this article

Český finanční a účetní časopis is currently edited by Karel Brůna

More articles in Český finanční a účetní časopis from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().