Fund supervisor Cathie Wooden turned a celebrity in 2020, after her ARK exchange-traded funds earned a few of the highest returns in historical past.
Up to now this 12 months, ARK Innovation, the biggest of Ms. Wooden’s ETFs, is down greater than 15%. Over the previous 12 months, it has underperformed Invesco QQQ Belief, which tracks the technology-dominated Nasdaq-100 index, by a startling 65 proportion factors.