Does a fleet without carrier stand a chance against a carrier group at all?

Most navies in the world do not have aircraft carrier. Some of them are still putting big money into destroyers, frigates, and subs. Will a fleet of destroyers, frigates, and subs stand a chance against a carrier group at all in open sea?

I know the modern destroyers have great area defense system, it should be able to easily track and shoot down incoming enemy aircraft. but how will it do against a large swam of carrier aircraft without its own air support?