Alpha: The excess return of the fund relative to the return of the benchmark index is a fund’s alpha. Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A beta of less than 1 means that the security will be less volatile than the market, while a beta of greater than 1 indicates that the security’s price will be more volatile than the market. Downside Capture Ratio: A statistical measure of an investment manager’s overall performance in down-markets. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has fallen. Sharpe Ratio: A measure for calculating risk-adjusted return, it is the average return earned in excess of the risk-free rate per unit of volatility or total risk. Generally, the greater the value of the Sharpe ratio, the more attractive the risk-adjusted return.