After conducting this year's Quantitative Analysis of Investor Behavior (QAIB), Dalbar found that in 2011, the average equity fund investor underperformed the S&P 500 by 7.85%. The poor performance shows that psychological factors continue to harm the average investor and the remedies for these behaviors remain a work in progress.

The word volatility defines the year 2011 for the investment community and provides an ideal lens from which to observe the difference between average investor returns and reported mutual fund performance. This year’s report looks at the effects volatility in 2011 had on investor returns.

Full Version Purchase of the full version includes unlimited rights to use all of the charts and data in a firm's marketing materials, as well as the following information: Analysis of investor returns versus the S&P 500 since the inception of QAIB One-year investor return data since 1992 An explanation of how investor returns are calculated

Advisor Edition Designed specifically to meet the needs of individual advisors, this version includes much of the same information, as well as the rights to redistribute printed versions of the report to clients. This version does not include the rights to replicate or reproduce charts and data elements or the additional report components indicated in the bullet list to the left. Rights to use selected data elements separately.

Municipal Bond Fund Returns Report This report contains investor returns on municipal bond funds over the last 20 years as compared with inflation and the Barclays U.S. Aggregate Bond Index for the same twenty year period. The report also contains the appropriate disclosures, a glossary and an example of an Investor Return Calculation.