The S&P 500 index is up 12.6% year to date, as of this writing. This puts the index on pace to beat its long-term average annual return of around 10%, making 2023 a great year so far for stock investors.

But investors in Topgolf Callaway Brands (NYSE: MODG) have not reaped any of these gains. In fact, it has been the opposite. The golfing roll-up that owns equipment, apparel, and entertainment brands has seen its shares sink 30.6% this year and 18% in the last month alone, putting it on pace to be one of the worst-performing stocks of 2023.

The market is clearly bearish on the future of consumer spending for the golf industry. Are these fears warranted, or is now a perfect time to buy the dip on a market leader? Let's take a closer look. 

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Source Fool.com