This list was compiled based on Morningstar ETF and mutual fund performance data through the end of September 2014.
It excluded leveraged ETF and mutual funds because those assets are often considered too risky for retail investors.
ETFs, or exchange-traded funds, seek to give investors greater exposure to specific corners of the financial world by tracking an index, commodity or basket of assets. Investors can buy ETFs on the open market and these funds typically have low expense ratios.
Mutual funds pool many investors' cash together to invest in various securities like stocks and bonds. They offer investors an avenue to professionally managed portfolios. Unlike ETFs, these funds are not available on the New York Stock Exchange. Instead, they are purchased from the fund itself or through a broker for the fund.
When evaluating both ETFs and mutual funds, it's important to remember an old Wall Street adage: past performance is no guarantee of future results. In other words, just because these funds had success through the first nine months of 2014, doesn't mean they'll replicate those returns over the next nine.
