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SV Angel and FundersClub have deployed an “index fund” strategy on yc batches for a long time. So makes sense that they are high up on the list.

How do the returns on those "index funds" compare with returns on an S&P500 index fund over the same time period?

I believe that they are much better than S&P500 index.

Returns are very top heavy so as long as you are in some of the top ones they can be really good. SV Angel did Airbnb and FundersClub did Coinbase.

But past performance is not an indicator of future performance...