A volatile stock market should be good for actively managed stock funds. Nimble stock pickers can avoid trouble spots, emphasizing defensive sectors when the market is falling. And by holding a bit of cash in their portfolios, they may be able to beat pure stock indexes such as the S&P 500.

But while volatility has picked up sharply this year, most active stock funds have fallen behind their benchmarks. More than 60% of active funds were beating their benchmarks in the first quarter.