The phrase "upside risk" means that there is a chance or possibility of something positive or beneficial happening. It suggests that there is a potential for good outcomes or rewards in a given situation. Full definition
In traditional investing, the average investor can't outright short the market by selling stocks or indexes short because of the unlimited upside risk. (cabotwealth.com)
Fixed income investors have essentially given up on inflation ever coming back since little upside risk of that happening is currently priced into interest rate markets. (morganstanley.com)
We see upside risk in Europe, where we do not expect elections to deliver the populist outcomes that markets have been fearing. (blackrockblog.com)