Empirical Evidence Suggests That __________ Mutual Funds __________ Funds

Empirical evidence suggests that __________ mutual funds __________ funds.

A) actively managed;have lower returns than passively managed
B) passively managed;have equal returns to a single stock price
C) actively managed;have lower "betas" than single stock
D) passively managed;are more likely to follow a random walk than actively managed
E) indexed;under-perform compared to managed