|RET DEV||=||Actual returns deviation over selected period|
|N(ER)||=||Number of points with returns less than expected return for the period|
Downside Variance ComparisonDownside Variance is the probability-weighted squared below-target returns. The squaring of the below-target returns has the effect of penalizing failures at an exponential rate. This is consistent with observations made on the behavior of individual decision-making under.
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