为什么cash 和leverage 不会影响 sharp ratio ，而会影响IR？

问题如下：

Analysts make two statements about information ratio:

Statement one: IR is affected by the addition of cash or the use of leverage

Statement two: IR is affected by the aggressiveness of active weight.

Which of the following is correct?

选项：

A.

only statement one is correct.

B.

only statement two is correct.

C.

both statement one and two are correct.

解释：

A is correct.

考点：IR的2个推论

解析：推论一是IR is affected by the addition of cash or the use of leverage，这里cash的权重提升，IR会下降。

推论二 IR is unaffected by the aggressiveness of active weight，投的越激进，回报就会增加，同时风险也会增加，所以IR不变。