My Robinhood managed account vs S&P 500

About a year ago, I put part of my portfolio into Robinhood’s managed investing account as an experiment. The account is currently up 22.29%. Over roughly the same timeframe, SPY is up about 26.46%. So far, simply buying SPY would have produced a better return. It has me wondering how people judge managed portfolios. Is underperforming SPY automatically a failure? Or do diversification, risk, and how the portfolio performs in different market conditions matter more over the long term? Obviously