Relative Risk
Relative risk measures explicitly or implicitly compare the portfolio returns to some kind of "benchmark" return. Different relative risk measures use different benchmarks...
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Semi-Volatility: Zero return
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Downside Probability: Threshold returns
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Lower Partial Moments: Threshold returns
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Value-At-Risk: Threshold returns
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Tracking Error, Correlation, Beta: Moving target (usually a benchmark index)
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Price of a Put Option: Threshold returns
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