Long term syndication performance

[Jacob Rosenkranz]

For those who have been in the syndication game for awhile, how would you say sponsors typically perform in terms of expectations? 

XX% lose money 

XX% underperform expectations 

XX% match expectations

XX% outperform expectations

I understand that this is very general and will vary by the person and how many deals they have done. I am just trying to understand how this passive component of investing compares to passively investing in the stock market via index funds. Obviously right now the stock market, and by default index funds, are down. But if real estate syndications rarely lose money then it seems they would provide much more consistent or predictable returns over time.