2. The Sharpe ratio is a measure of the excess return on a portfolio compared with the:

A beta of portfolio returns.

B portfolios tracking error.

C standard deviation of portfolio returns.

3. A fund manager who uses analytical and trading skills to try to beat a benchmark is best described as a(n):

A active manager.

B index replicator.

C passive manager.

4. The consistent outperformance of an investment fund compared with its benchmark is best described as:

A beta.

B alpha.

C tracking error.

5. The process of decomposing a fund managers performance to identify the source(s) of that performance is best described as:

A attribution analysis.

B risk-adjusted analysis.

C relative performance analysis.