Comparing returns without adjusting for risk is like comparing marathon times without noting that one runner ran uphill. An investment earning 12% with 25% volatility is not necessarily better than on...
Comparing returns without adjusting for risk is like comparing marathon times without noting that one runner ran uphill. An investment earning 12% with 25% volatility is not necessarily better than one earning 9% with 10% volatility. Risk-adjusted returns reveal the true performance.
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