Cathie Wood's ARK Invest has faced significant challenges in recent years, with data showing that the ARK Innovation ETF ($ARKK) has returned an average of nearly 10% per year since its inception in 2014. However, the average annual return for investors in the fund is reported to be -17%, indicating a substantial behavior gap. This disparity highlights the difficulties investors have faced, often buying and selling at inopportune times amid the fund's volatility. In contrast, a buy-and-hold strategy in the S&P 500 would have yielded an average annual return of 15% over the same period. Additionally, since the end of 2019, $ARKK has declined by 10%, while the Nasdaq 100 (QQQ) is within 5% of its record high. Despite occasional bursts of outperformance, ARKK has struggled to keep pace with broader market indices, raising concerns about its long-term viability and the strategies employed by its investors.