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Bloomberg has an IPO index that tracks the performance of US IPOs over their first 12 months as publicly traded companies. The cap-weighted index is meant to gauge the collective performance of IPOs over time. Below is a look at the performance of the Bloomberg IPO index so far in 2012. As shown, the index is currently down 3.1% year to date versus the S&P 500's gain of 12.9%. The main reason for the underperformance of the IPO index in 2012 should be easy to guess -- Facebook (FB). As shown below, IPOs were outperforming the S&P 500 handily in the first quarter, but once Facebook went public in May, the index lost ground and has not been able to catch back up.

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The Bloomberg IPO index is still outperforming the S&P 500 on a longer term basis, however. Over the last ten years, the IPO index is up 164% versus the S&P 500's gain of 83%.

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Source: Bloomberg IPO Index Falters Due To Facebook