They are certainly not independent given they are allocating between the same underlying investments, but I fail to see how they are freeriding given the data.

Many have looked at this and presented the data far more eloquently than I could:

https://hbr.org/2013/05/just-how-useless-is-the-asset/

http://www.umass.edu/preferen/You%20Must%20Read%20This/Malki...