SPIVA is a national treasure. Run by S&P Dow Jones Indices, it's by far the most rigorous attempt to measure the probability that an active fund manager will outperform the relevant passive index.

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Data: SPIVA U.S. Year-End 2018; Chart: Harry Stevens/Axios

By the numbers: The year-end 2018 SPIVA scorecard is now out. It shows 69% of domestic funds underperforming the S&P 1500 over 1 year, and 88% of them underperforming over 5 years.

  • Internationally, 71% of global funds underperformed in 2018, with 85% underperforming over 5 years.
  • Among bond funds, 100% of long-dated and intermediate-dated government bond funds have underperformed over the past 3 years.

My thought bubble: People choose fund managers because they don't have the requisite time or skills to pick stocks themselves. But if you're not skilled enough to pick a stock that will outperform, you're not skilled enough to pick a fund manager that will outperform, either. Passive investment is a much smarter bet.

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Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.

Updated 3 hours ago - Politics & Policy

25 face felony charges after downtown Chicago hit by looters

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Local police officers are seeking felony charges in 25 cases following the arrest of 100 people in the wake of widespread looting and property damage in Chicago on Monday, per the Washington Post.

Driving the news: Law enforcement said the event involving hundreds of people was a coordinated response after an officer shot a suspect Sunday evening, according to CBS Chicago.

Marjorie Taylor Greene wins Georgia's 14th district runoff

Photo: Elijah Nouvelage / Getty Images

Gun-rights activist Marjorie Taylor Greene defeated physician John Cowan in a runoff election for the Republican nomination in Georgia's deep-red 14th Congressional District on Tuesday, AP reports.

Why it matters: Greene, a vocal QAnon conspiracy theorist who has been condemned by GOP leaders for making multiple offensive remarks about Black people, Jews and Muslims in Facebook videos, is likely to win a seat in the House come November.