Because if it is a stock fund, its capital investment direction is basically stocks, just depending on the different positions of various stocks. If it is an index fund, it is basically in the same direction as the broader market. Therefore, the rise or fall of the market will make equity funds rise or fall.

Of course, if it is a small-cap fund or a selected fund, the fund and the market will have different trends due to different stock selection, which reflects the level of fund managers' stock selection.