Where Data Tells the Story
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Index funds dominate the fund industry, but they do not dominate the entire U.S. stock market. This graphic tracks the share of total U.S. stock-market value held by domestic-equity mutual funds and ETFs from 2015 through 2025. Index funds increased their share from 11% to 19%, while actively managed funds fell from 18% to 11%. Index funds first moved ahead in 2021. Other investors—including individuals, pension funds, insurers and hedge funds—held 69% in 2025. The denominator is critical. Index funds represented 52% of assets inside long-term mutual funds and ETFs in 2025, but held 19% of the value of the entire U.S. stock market. Those percentages describe different universes and are not interchangeable. Values are year-end shares published as whole percentages. Components may not total exactly 100% because of independent rounding. The chart describes holdings, not voting control or ultimate beneficial ownership.