A PLETHORA OF EMPIRICAL studies have documented a negative relationship between mutual fund expenses and performance ((Carhart, 1997), (Chevalier and Ellison, 1999), (Cremers, Ferreira, Matos and Starks, 2013), (Elton, Gruber, Das, and Hlavka, 1993), (Gil-Bazo and Ruiz-Verdu, 2009), (Gruber, 1996), (Harless and Peterson, 1998)). This phenomenon has led to a rise in the popularity of index fund investing.
Nanigian, David PhD, "The Dark Side of Index Fund Investing" (2014). Faculty Publications. 368.