【每日一练】CFA 一级（2015年）

Question：

Which of the following performance measures most likely relies on systematic risk as opposed to  total risk when calculating a risk-adjusted return? 
A. Treynor ratio 
B. M-squared 
C. Sharpe ratio 

Answer = A 
The Treynor ratio measures the return premium of a portfolio versus the risk-free asset relative to the  portfolio's beta, which is a measure of systematic risk. 

CFA Level I 
"Portfolio Risk and Return: Part II," Vijay Singal 
Section 4.3.2 

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