Year end SPIVA numbers are in and paint the expected picture. SPIVA is an acronym for Standard & Poors Index Versus Active. SPIVA is a study of active fund managers investment performance versus the performance of a relevant benchmark index. A Canadian equity manager is compared to a Canadian index. A U.S. equity manager in a Canadian asset management company is compared to the S&P 500 (CAD). (This index is the S&P 500 adjusted for changes in the CAD / USD exchange rate.