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You knew tech funds were getting whacked, but you probably didn't know it was a whacking of historic proportions.

Investors rattled by a slowing economy, falling corporate earnings and the unsettled election have dumped their pricey shares in tech companies. Nowhere is this more clear than in the fund world: The average tech fund fell a whopping 27% in November, according to Morningstar. That's the second-worst one-month loss for the tech-fund category in the past 20 years, rivaling its 28.9% free-fall in October 1987. But that's not all: Five of the tech-fund category's 10 worst one-month losses have come this year.

Y2K Tech Wreck Five of the 10 worst months for tech funds in the last 20 years have come in 2000.
Month	Avg. Tech Fund Loss
Oct. 1987	-28.9%
Nov. 2000	-27
Aug. 1998	-20.1
April 2000	-12.6
Aug. 1990	-12.5
May 2000	-12.1
Oct. 2000	-11.9
Nov. 1987	-10.4
July 1986	-10.3
Sept. 2000	-9.7
Source: Morningstar.

Since the tech-laden Nasdaq Composite Index peaked back in March, the average tech fund has posted gains in only two months. Although the category started the year with a 25.5% gain in January, the average tech fund is now the worst-performing U.S. stock fund flavor, down 32.7% on the year and 40% over the past 90 days.

Low Tech Over the last 12 months, tech funds have lost steam. Since Jan. 1 the average tech fund is down 32.7%.

Source: Morningstar.

The difference between the leading tech funds is wide and the overall picture isn't pretty -- only three of the 89 tech funds launched before Jan. 1 are up for the year. At the top is (PAIVX Quote)PIMCO Global Innovation, with a 35.5% gain. (JAMFX Quote)Jacob Internet is pulling up the rear with a breathtaking 77% loss, according to Morningstar.

A cumulative portfolio of the five leading funds shows a bet on chipmakers such as Applied Micro Circuits(AMCC Quote) and Maxim Integrated Products(MXIM Quote), which are up 52.3% and 8.1% this year, respectively, compared with a 36% tumble for the Nasdaq.

A portfolio of the bottom five tech funds, on the other hand, reveals a taste for the likes of online security shop VeriSign(VRSN Quote) and B2B software shop Ariba(ARBA Quote), which are down 54.6% and 29.8%, respectively, for the year.

Even When It's Good, It's Still Pretty Bad With the exception of three tech funds, all of the sector is under water this year.
Top Five Funds YTD
(PAIVX Quote)PIMCO Global Innovation	35.5%
Potomac Internet/Short	34
(ICTEX Quote)Icon Information Technology	7.6
(WWNPX Quote)Kinetics Internet New Paradigm	-4
(DRGTX Quote)Dresdner RCM Global Technology	-5.9
Bottom Five Funds YTD
(JAMFX Quote)Jacob Internet	-77.2%
(PNETX Quote)Potomac Internet Plus	-74.6
Internet Index	-68.2
(INGAX Quote)ING Internet	-67.9
(SJPPX Quote)StockJungle.com Pure Play Internet	-67
Source: Morningstar. Returns through Nov. 30.

Of course, all this bleeding might actually point to better days ahead. Just yesterday several managers said the current selling in the market is just a natural return to reality after maybe the frothiest year in recent memory, when the average tech fund rang up a 135% gain.

The tech fund category has had a knack for bouncing back. For instance, despite all of the lousy months I highlighted above, the average tech fund hasn't finished a year in the red since 1984. And despite the last few painful months, the average tech fund is still averaging a 30% annual gain over the past 10 years, compared with 18% average annual returns for the S&P 500.

If you're one of the many who bought their tech-fund shares in the last few months, these gaudy long-term returns might bolster your commitment, but they won't make it any easier to look at your account statement.

On Monday, this column is posting an interview with AIM Funds' Abel Garcia, who's been managing tech funds for almost two decades. His perspective might be a salve.

Yes, he's taking his lumps, too.