It may be because the positions of stocks allocated by the fund are different. For example, the position of stocks A allocated by the fund is 1%, while the position of stocks A allocated by another fund is only 8%.

the fund's rise and fall is determined by the investment target. For example, stock funds mainly invest in a basket of stocks, and the fund's rise and fall are determined by the stocks invested. When the stocks invested go up, the fund goes up, investors make profits, while the stocks invested go down, and the fund goes down, resulting in losses for investors.