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Methodology

Term Definition
Risk The calculation of risk follows that of standard deviation. For analysis period that is less than a year daily price/return data is used and for a year and above, weekly price/return data is used. The analysis period for risk will start from weekly onwards.
Reward-to-Variability Ratio (RVAR) Reward-to-Variability Ratio (RVAR) as the name implies is a measurement of the fund's average return (less risk-free rate, in this case it is set as default 1% per annum) over a specific analysis period divided by the fund's risk (also known as variability). The numerator of RVAR measures a fund's excess return, that is the return for bearing risk or commonly referred to as risk premium and the denominator is the standard deviation. RVAR shows the excess return per unit of total risk. The higher the ratio, the better the fund performance is as compared to its peers. Weekly price/return data is used for the calculation of RVAR. The analysis period for RVAR will start from 3 months onwards.Background: William F. Sharpe, winner of the 1990 Nobel Prize in Economics, is a Professor of Finance, Emeritus at Stanford University's Graduate School of Business. In addition, he is also a trustee of the AXA Rosenberg Mutual funds and serves as Chairman of the Board of Financial Engines, Incorporated. Years back, Dr Sharpe introduced RVAR as a measurement for the performance of mutual funds (unit trust) which is also commonly known as Sharpe Ratio, Sharpe Index or Sharpe Measure.
Ranking Grade

The funds are ranked based on their returns/risk/reward-to-variability. The numbers (after each grade) are the position of the funds within the scope.

Quartile Grade Remark
1st Q
A
Excellent
2nd Q
B
Good
3rd Q
C
Average
4th Q
D
Below Average

Example: There are 12 funds in a chosen scope, the ranks are as follow:

1st Q: A1, A2 & A3
2nd Q: B4, B5 & B6
3rd Q: C7, C8 & C9
4th Q: D10, D11 & D12

If a fund is ranked B5, it means that within the 12 funds, it is in the 5th position under Grade B category.