Which is true about the M-square measure? It is the difference between the rate of return of a portfolio with the right amount of leverage to match the standard deviation of a passive index and the rate of return of that passive index. It is a ratio of alpha divided by the standard deviation of the diversifiable risk. It is used to measure the portfolio excess return, adjusted for the portfolio delta. It is a measure of portfolio excess return divided by its beta. It is a measure of portfolio excess return divided by its standard deviation. Try again