Microsoft, once considered a stodgy software maker, has outperformed tech unicorns since 2015

Among private companies that were worth $1 billion or more in 2015, Twilio, Okta and Zscaler have produced some of the best returns.

Uber, Pinterst and Snap haven’t done much to reward investors since late 2015.

Taken as a group, they’ve underperformed a straight bet on Microsoft.