ARKK自成立以来跑输标普500和比特币
Cathie Wood’s ARKK has trailed BTC, S&P 500 since inception
Cathie Wood’s flagship fund has spent more than a decade failing to beat her two most obvious benchmarks.
凯西·伍德的旗舰基金十多年来一直未能跑赢她最明显的两个基准。
Her multi-billion dollar ARKK fund, which launched on October 31, 2014, has trailed the S&P 500’s total return, and BTC, since inception.
她旗下数十亿美元的ARKK基金于2014年10月31日推出，自成立以来，其总回报率一直落后于标普500指数和比特币。
Even investors who might have tried to time their entries and exits out of Wood’s funds would have had a difficult time finding a slice of outperformance, as Ark Invest also underperformed most calendar years across that timespan.
即使投资者可能试图择时进出伍德的基金，也很难找到一段表现优异的时期，因为Ark Invest在那段时间内大多数日历年也表现不佳。
It was easy for ARKK to outperform BTC during particularly bad years for the asset. For example, it crashed 73% in 2018 or -67% in 2022.
在比特币特别糟糕的年份，ARKK很容易跑赢它。例如，2018年比特币暴跌73%，2022年下跌67%。
However, Wood’s pro-Tesla, pro-BTC, pro-AI, and pro-gene editing fund failed to beat its benchmarks over the long haul.
然而，伍德这只看好特斯拉、比特币、人工智能和基因编辑的基金，长期来看未能跑赢其基准。
Cumulative returns over the full stretch, October 31, 2014 through yesterday’s close, are 318% for ARKK, 23,214% for BTC, and 367% for the S&P 500 with dividends reinvested.
从2014年10月31日到昨日收盘的整个期间，累计回报率分别为：ARKK 318%，比特币23,214%，标普500指数（含股息再投资）367%。
S&P 500 Total Return versus ARK Innovation ETF (yellow) since inception. Source: TradingView
标普500总回报指数与ARK创新ETF（黄色）自成立以来的对比。来源：TradingView
Trailing the market despite a decade of work
尽管努力十年，仍落后于市场
Although it’s embarrassing for any fund manager to work full-time for a decade only to trail a passive, labor-free investment in the S&P 500, ARKK’s 49% shortfall actually fails to illustrate how bad the past five years has felt for investors in Wood’s ETF.
虽然对于任何基金经理来说，全职工作十年却仅落后于标普500这种被动、无需劳力的投资是令人尴尬的，但ARKK 49%的差距实际上还未能充分说明过去五年伍德ETF投资者所感受到的糟糕程度。
On February 16, 2021, ARKK peaked at $159.70 per share, a price it’s never reattained. Since that date, ARKK has lost 46% of its value whereas the S&P 500 has gained 65%.
2021年2月16日，ARKK达到每股159.70美元的峰值，此后从未再触及该价格。自那以来，ARKK下跌了46%，而标普500上涨了65%。
From the start of 2022, ARKK has trailed the S&P by 80%. Since the start of 2023, 60%. Since 2024, 8%.
自2022年初以来，ARKK落后标普500指数80%。自2023年初以来，落后60%。自2024年以来，落后8%。
Over the past five years, ARKK’s has declined 28% while the S&P has rallied 72%.
过去五年，ARKK下跌了28%，而标普500上涨了72%。
Cathie Wood, the ‘believer’ who predicted $1.5M per bitcoin, has lost billions
凯西·伍德，这位预测比特币每枚150万美元的“信徒”，已损失数十亿美元。
Read more: Crypto trading hamster outperforms Bitcoin, Warren Buffett, Cathie Wood
更多阅读：加密货币交易仓鼠跑赢比特币、沃伦·巴菲特和凯西·伍德
Cathie Wood dreamed big, failed to win
凯西·伍德梦想宏大，却未能获胜
Wood’s investment strategy concentrates on a rotating list of “disruptive innovation” stocks.
伍德的投资策略集中于一系列轮换的“颠覆性创新”股票。
The fund gained 152% in 2020 but lost 67% in 2022.
该基金在2020年上涨了152%，但在2022年下跌了67%。
Morningstar ranked ARK Investments first among fund families for shareholder value destruction over the decade through 2023, estimating Wood’s family of funds wiped out roughly $14.3 billion and more than double the loss of the second-worst fund management firm on the list that year.
晨星将ARK Investments评为截至2023年的十年间股东价值损失最大的基金家族，估计伍德的基金家族总共蒸发了约143亿美元，是当年榜单上表现第二差的基金管理公司损失的两倍多。
Wood has also been an outspoken BTC bull while underperforming BTC by miles. She’s published stratospheric, imaginary BTC price targets of $1 million, $1.2 million, and $1.5 million.
伍德还一直是比特币的直言不讳的看多者，尽管她的表现远远落后于比特币。她发布了高达100万美元、120万美元和150万美元的比特币价格目标，这些目标高得离谱且不切实际。
ARKK holds BTC price exposure and crypto equities including Coinbase, and ARK also co-sponsors a spot BTC ETF. However, ARKK’s own total return has still fallen short of BTC’s in most years since 2015, even as Wood’s firm bet heavily on the sector.
ARKK持有比特币价格敞口及包括Coinbase在内的加密股票，且ARK还联合赞助了一只现货BTC ETF。然而，自2015年以来，即便伍德的公司重仓押注该行业，ARKK自身的总回报在大多数年份仍未能超越比特币。
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