Information Ratio ·
Skill Per Unit of Tracking Error
un
seel
.com · IR = (R_p − R_b) / TE · Grinold 1989
Benchmark
S&P 500
Beat
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Step
—
Manager A · closet indexer
Manager B · standard active
Manager C · concentrated
IR thresholds (good · excellent)
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Un
seel
.com · Information Ratio