The simplest way to benefit from a rising market is to buy an index fund. Active investors aim to buy stocks that vastly outperform the market – but in the process, they risk under-performance. That downside risk was realized by Pathfinder Bancorp, Inc. (NASDAQ:PBHC) shareholders over the last year, as the share price declined 39%. That falls noticeably short of the market decline of around 1.1%. Notably, shareholders had a tough run over the longer term, too, with a drop of 39% in the last three years. Furthermore, it’s down 36% in about a quarter. That’s not much fun for holders. However, one could argue that the price has been influenced by the general market, which is down 15% in the same timeframe.

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