Historical stock market data provide investors with a powerful set of tools for constructing portfolios that can maximize expected returns at given levels of risk. (ifa.com)
It represents the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta (see definition of Beta). (federatedinvestors.com)
Or if you have something like a 15 % cap rate... that's not necessarily outstanding given the level of risk (uncertain vacancies) involved in a hotel. (money.stackexchange.com)