Are you a fan of Cathie Wood's Ark Invest exchange-traded funds? You're not alone. She and her company made quite a name for themselves in 2020 when many of these ETFs were easily outpacing the already bullish market. It was a time when investors readily embraced -- and bid up -- stocks of companies with novel business ideas. Ark's fund owned a bunch of these names.

Things have changed since 2021, however, and not for the better. Although the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) are both within sight of recently reached record highs, most of the Ark funds are still trading well below their 2021 peaks. In one example, the Ark Genomic Revolution ETF (NYSEMKT: ARKG) is down more than 20% in the past five years compared to the broad market's roughly doubling in value.

What went wrong? Nothing's gone wrong, per se. Ark's funds are still exactly what they're supposed to be.

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Source Fool.com