Size matters
"To investigate fund size and performance, the authors use regression analysis and cross-sectional analysis and find that the common notions of declining expenses and returns are mostly true. Their analysis shows that a change in the size of a fund equal to a two-standard-deviation shock in the log of a fund's total assets yields a decline of 5.4 to 7.7 bps in monthly performance. This impact is approximately 65–96 bps annually before fees"
https://rpc.cfainstitute.org/en/rese...%2Dcap%20funds.

Picking leaders matters as does time frame

https://finance.yahoo.com/chart/IFT....NoYXJ0In19fX0-

Shorter time frame
https://finance.yahoo.com/chart/IFT....NoYXJ0In19fX0-