I put $46,000 in an IRA 10 years ago. I have never made any additional deposits. The value is now $58,000. I feel it should be worth more. All of it is in mutual funds.
Unfortunately, yes, I think I would be disappointed.
For an investment that grows from $46,000 to $58,000 in 10 years, the Compound Annual Growth Rate (CAGR) is 2.35%.
The CAGR of the S&P 500 from January 1, 2006 to December 31, 2015, including dividends, was 7.29%. If you had invested in an S&P 500 index fund, your $46,000 investment would be worth about $92,000.
Hindsight is 20/20, of course, but it is difficult for a managed, high-expense mutual fund to consistently beat the S&P 500 index.
Disappointment in performance is certainly a normal feeling and no one is going to say you shouldn't be disappointed. The question is whether something has gone awry. Certainly the market has outperformed your portfolio by a good bit. But was your portfolio set up to track the market? If you put all your money in super safe investments, then you bore very little risk and it is therefore expected that you would have every little return.
The fact that the market did much better than you indicates that you didn't hold much market exposure. If your investments weren't in safe assets, then you bought some things that did poorly. Either the asset classes did poorly or your funds did poorly because of expenses and relative performance. In either of these cases, you should feel a bit bad because you didn't set up your portfolio initially in a fully diversified and low-cost manner. In that case, it's probably a good idea to change it now.
Ultimately performance is what it is regardless of our feelings. If you took the safe road and didn't make much, that's expected. If you gambled and lost, that should also be expected to some degree. If you feel disappointed in the sense that you thought you could expect better results, then you might need to revisit your assumptions about the risks/rewards available in the market.
Well 10 years ago would be 2006, since then we did experience one of the largest financial crises humanity has ever seen.
It looks like you've done worse than the market has but I wouldn't be "disappointed." Going forward you may want to choose a solid index fund or at least choose funds with lesser fees.
Edit: Since @Chad has indicated his initial investment date
It may be a good time to adjust your holdings. The very aggressive funds typically do not fair well in down markets. As has been illustrated by Ben, over roughly your time period you would have nearly doubled your money in a more plain vanilla S&P index fund. If nothing else this should teach you the virtues of diversification.
If, for whatever reason, you'd still like to keep an aggressive position at a minimum you should allocate a majority of your holdings to to an index fund or better still, a retirement target date fund. Doing so will help you diversify your risk. Be sure to look at and understand all of your fund's expense rates. Paying a few percent off your account in expenses every year will eat in to gains. Remember expense rates are not taken from gains, they're taken from your account balance in good years and bad.