Which of the following performance measures most likely relies o

问题如下：

Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating a risk-adjusted return?

选项：

A.Treynor ratio B.M-squared C.Sharpe ratio

解释：

The Treynor ratio measures the return premium of a portfolio versus the risk-free asset relative to the portfolio's beta, which is a measure of systematic risk.