Those who judge their portfolio by its performance relative to some narrow benchmark are focusing on an issue that is largely irrelevant to their ultimate financial success.
The only benchmark that you should care about is one that indicates whether you're on track to achieve your financial goals.
Risk is measured as the probability that you won't meet your financial goals. Investing should have the exclusive objective of minimizing this risk.
Note the performance of active managers can only begin to be fairly assessed over a complete market cycle.
When will we be able to judge whether we chose the right managers? The correct answer is I would guess in about 10 years or so.