Homework The measure that best reflects the variability of returns around the mean return is the: A standard deviation. B reward-to-risk ratio. C downside deviation. 5- The measure that is best suited for investors who dislike losses more than they like equivalent gains is the: A Sharpe ratio. B standard deviation C downside deviation. . - Standard deviation is a measure of the variability of a fund's return A relative to its average return. B relative to a benchmark return. C below its average return