Most professionally managed equity funds generally Group of answer choices 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 return 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 return measures.