best risk-adjusted performance 这个在哪一个小节 谢谢

NO.PZ2021101401000021 问题如下 Rom informs Galic thGWP also uses a technique commonly referreto scenario analysis to examine how strategies perform in fferent structurregimes. Exhibit 2 compares the performanof two of GWP’s factor allocation strategies in fferent regimes:Comparing the two strategies in Exhibit 2, the best risk-austeperformanis monstrateby: A.Strategy II in perio of low volatility anrecession. B.Strategy I in perio of high volatility annon-recession. C.Strategy II in perio of high volatility annon-recession. A is correct. Using the Sharpe ratio, the best risk-austerelative performancterminecomparing the sensitivity of the two strategies unr ffering macroeconomic regimes: recession versus non-recession anhigh volatility versus low volatility. The best risk-austereturn will exhibit the highest Sharpe ratio. Strategy II monstrates higher risk-austereturns comparewith Strategy I unr all four macroeconomic contions, particularly in perio of low volatility, when the Sharpe ratio outperformanis 0.96, anrecessions, when the Sharpe ratio outperformanis 1.56. 先根据策略2比策略1整体数值更大 策略2表现更好 排除b然后 策略2内部 volatility之间选大的数 recession之间选大的数 得到a因为答案解析是做差判断 我不太理解 所以问一下我的思路是否正确 还是说应该从出题人的角度来思考

NO.PZ2021101401000021 问题如下 Rom informs Galic thGWP also uses a technique commonly referreto scenario analysis to examine how strategies perform in fferent structurregimes. Exhibit 2 compares the performanof two of GWP’s factor allocation strategies in fferent regimes:Comparing the two strategies in Exhibit 2, the best risk-austeperformanis monstrateby: A.Strategy II in perio of low volatility anrecession. B.Strategy I in perio of high volatility annon-recession. C.Strategy II in perio of high volatility annon-recession. A is correct. Using the Sharpe ratio, the best risk-austerelative performancterminecomparing the sensitivity of the two strategies unr ffering macroeconomic regimes: recession versus non-recession anhigh volatility versus low volatility. The best risk-austereturn will exhibit the highest Sharpe ratio. Strategy II monstrates higher risk-austereturns comparewith Strategy I unr all four macroeconomic contions, particularly in perio of low volatility, when the Sharpe ratio outperformanis 0.96, anrecessions, when the Sharpe ratio outperformanis 1.56. 解析中采用SR(strategy II)-SR(strategyI)来选择最优策略，得出low σ和recession场景下表现最优。我的问题是可以不作差，直接通过strategy II中SR绝对值来判断吗？这题比较特殊，两种判断法结论相同，如果遇到结论不同时一定要作差来判断吗，原理是什么？

NO.PZ2021101401000021 问题如下 Rom informs Galic thGWP also uses a technique commonly referreto scenario analysis to examine how strategies perform in fferent structurregimes. Exhibit 2 compares the performanof two of GWP’s factor allocation strategies in fferent regimes:Comparing the two strategies in Exhibit 2, the best risk-austeperformanis monstrateby: A.Strategy II in perio of low volatility anrecession. B.Strategy I in perio of high volatility annon-recession. C.Strategy II in perio of high volatility annon-recession. A is correct. Using the Sharpe ratio, the best risk-austerelative performancterminecomparing the sensitivity of the two strategies unr ffering macroeconomic regimes: recession versus non-recession anhigh volatility versus low volatility. The best risk-austereturn will exhibit the highest Sharpe ratio. Strategy II monstrates higher risk-austereturns comparewith Strategy I unr all four macroeconomic contions, particularly in perio of low volatility, when the Sharpe ratio outperformanis 0.96, anrecessions, when the Sharpe ratio outperformanis 1.56. 这题为什么减一减就可以看出sharpe ratio?

NO.PZ2021101401000021 问题如下 Rom informs Galic thGWP also uses a technique commonly referreto scenario analysis to examine how strategies perform in fferent structurregimes. Exhibit 2 compares the performanof two of GWP’s factor allocation strategies in fferent regimes:Comparing the two strategies in Exhibit 2, the best risk-austeperformanis monstrateby: A.Strategy II in perio of low volatility anrecession. B.Strategy I in perio of high volatility annon-recession. C.Strategy II in perio of high volatility annon-recession. A is correct. Using the Sharpe ratio, the best risk-austerelative performancterminecomparing the sensitivity of the two strategies unr ffering macroeconomic regimes: recession versus non-recession anhigh volatility versus low volatility. The best risk-austereturn will exhibit the highest Sharpe ratio. Strategy II monstrates higher risk-austereturns comparewith Strategy I unr all four macroeconomic contions, particularly in perio of low volatility, when the Sharpe ratio outperformanis 0.96, anrecessions, when the Sharpe ratio outperformanis 1.56. 本道题的思路是不是I和II先选一个SR大的，那就选2。然后再看II里哪个情境下SR大？

NO.PZ2021101401000021 问题如下 Rom informs Galic thGWP also uses a technique commonly referreto scenario analysis to examine how strategies perform in fferent structurregimes. Exhibit 2 compares the performanof two of GWP’s factor allocation strategies in fferent regimes:Comparing the two strategies in Exhibit 2, the best risk-austeperformanis monstrateby: A.Strategy II in perio of low volatility anrecession. B.Strategy I in perio of high volatility annon-recession. C.Strategy II in perio of high volatility annon-recession. A is correct. Using the Sharpe ratio, the best risk-austerelative performancterminecomparing the sensitivity of the two strategies unr ffering macroeconomic regimes: recession versus non-recession anhigh volatility versus low volatility. The best risk-austereturn will exhibit the highest Sharpe ratio. Strategy II monstrates higher risk-austereturns comparewith Strategy I unr all four macroeconomic contions, particularly in perio of low volatility, when the Sharpe ratio outperformanis 0.96, anrecessions, when the Sharpe ratio outperformanis 1.56. 这里看到的就是选择差值更大的那两个，那这个时候里正好只有Strategy1是符合这两个的，如果这里同时有Strategy 1和2，应该如何选择呢？有没有说哪个减哪个？