Index mutual and exchange-traded funds tied to the S&P 500 Index vary widely on performance, cost and risk, Standard & Poor’s found.

For the 12 months ended Sept. 30, the discrepancy between the 81 funds linked to the index ranged a full 3.2 percentage points, with the best-performing fund declining 6.1% and the worst dropping 9.3%. By comparison, the underlying benchmark S&P 500 Index itself lost 9.4% of its value.

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