二、 基金化後積極型與消極型投資組合 V.S. 開放式股票型基金之績效評估 （一） 相對績效 基金化後的積極型投資組合，在五年的研究期間之中，祇有一個年度能位居基金績效排名的前20%。但是，基金化後的消極型投資組合，在五年的研究期間中，有三個年度能位於基金績效排名的前20%，其中在2012年時更名列當年度第一名。 （二） 絕對績效 基金化後的積極型及消極型投資組合，報酬率分別達35.77%及178.08%，在所有開放式股票型基金中排名分別位列第一百四十名及第三名。由此看來，基金化後的消極型投資組合不只在相對績效傑出的開放式股票型基金中表現亮眼，同時也在全部國內開放式股票型基金中名列前茅。 These days, most of retail investors don’t have a systematic and regular strategy on their stock investment. Therefore, we want to establish an easy-operated and cautious investment strategy for retail investors. They can utilize that to construct an useful investment portfolio which can beat the market and the performance of open-ended mutual funds. We will try to practice this idea by using the largest size biotechnology stocks to establish investment portfolio. Eventually, we analyze the relative and absolute performance of practical investment value of our portfolio. The main empirical findings as below：
1. Investment portfolio of biotechnology stocks v.s. the weighted average of market and biotechnology index
（1） Relative Performance
After comparing with the weighted average market, we find our aggressive portfolio lost just in 2009 and 2013. However, it only won small advantage over the weighted average of biotechnology index in 2011 during research period. But our passive portfolio beat the weighted average of market in all research period except 2009. Besides, its performance is only better than biotechnology index in 2010 and 2012. Generally, it merely lost to biotechnology index.
（2） Absolute Performance
By comparing with the weighted average of market and biotechnology index, we find aggressive portfolio can’t beat them. However, our passive portfolio’s absolute performance is better than both of them.
After summarizing the number of biotechnology stocks fundization investment portfolio’s performance which is ranking on the top 20% of open-ended mutual funds, we can find aggressive portfolio ranking on the top 20% just once in 2011. But there are three years that passive portfolio ranked on the top 20%, it even got the champion in 2012.
（2） Absolute Performance
By comparing absolute performance with open-ended mutual funds, the aggressive biotechnology stocks fundization investment portfolio ranks one hundred and fortieth with 35.77% rate-of return. On the other side, the passive obtains the third place with 178.08% rate-of return. As we see, the passive biotechnology stocks fundization investment portfolio not only ranks the top in well-performed relative performance open-ended stock mutual funds, but also performs very well in all virtual domestic open-ended mutual funds.