The large Dutch pension fund ABP achieved an annual return of about 6% over the last 20 years, according to https://www.abp.nl/over-abp/duurzaam-en-verantwoord-beleggen/beleggingsresultaten. The S&P 500 had a 10.392% return (dividends invested) over 20 years, according to https://tradethatswing.com/average-historical-stock-market-returns-for-sp-500-5-year-up-to-150-year-averages/.