It could, therefore, be argued that a reversion to the mean is overdue.
While I do not believe this time has come yet, the recent brutal rotation out of FTSE 250 stocks into their larger-cap brethren is surely a warning sign that we may not be far from that turning point.
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The other key point is that the underperformance of the ETFs versus their respective benchmarks has been exacerbated by the strength in equity markets during these timeframes and shows the drag costs have in strongly rising markets.
With the dramatic fall in ETF management charges, such a performance drag will be much diminished going forward.
Hector Kilpatrick is chief investment officer at Cornelian Asset Managers
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