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ings tell how well a fund has performed in the past. But studies show that the future is often different. This year’s “number one” fund can easily become next year’s below average fund.
(Note: Although past performance is not a reliable indicator of future performance, volatility of past returns is a good indicator of a fund’s future volatility.) Comparing performance
Check the fund’s total return in the Financial Highlights, near the front of the prospectus.
Total return measures increases and decreases in the value of investment over time, after subtracting costs.
See how total return has varied over the years.
The Financial Highlights in the prospectus show yearly total return for the most recent 10-year period.
An impressive 10-year total return may be based on one spectacular year followed by many average years.
Looking at year-to-year changes in total return is a good way to see how stable the fund’s returns have been.
93.5%