Dopad hospodářské politiky na výkonnost ETF a aktivně řízených fondů v kontextu penzijního investování v České republice v období 2013-2023

This bachelor thesis focuses on comparing the performance of passive ETFs tracking the S&P 500 index, actively managed mutual funds, and dynamic participant pension funds in the Czech Republic in the context of long-term retirement investing. The aim of the thesis is to evaluate the returns and risk of selected funds during the period 2013 to 2023 using indicators such as Compound Annual Growth Rate (CAGR), volatility, and the Sharpe ratio. The analysis also considers the impact of macroeconomic factors, particularly inflation and interest rates, on the achieved results. The thesis includes a model simulation of regular monthly investments, demonstrating how performance differences affect the final investment value. The results show that actively managed funds achieved the highest average returns, albeit at the cost of significantly higher fees. When accounting for risk using the Sharpe ratio with the PRIBOR risk-free rate, actively managed funds delivered higher risk-adjusted returns, and the original hypothesis was therefore not confirmed. However, in an alternative calculation using a zero risk-free rate, ETF funds outperformed one of the actively managed funds. Dynamic pension funds recorded the lowest returns but represent an important component of the state-supported pension system.