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| | The '''Sterling ratio''' ('''SR''') is a measure of the [[Risk adjusted return on capital|risk-adjusted return]] of an [[investment portfolio]]. |
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| | Multiple definitions of the Sterling ratio exist. The original definition was most likely suggested by Deane Sterling Jones (a company no longer in existence): |
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| | :<math>SR=\frac{Annual\ Portfolio\ Return}{Average\ Largest\ Drawdown + 10%}</math> |
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| | Typically the time period is over 3 years and only the largest individual [[Drawdown (economics)|drawdowns]] are included (''e.g.'' 3 or 5). |
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| | The "plus 10%" definition is arbitrarily designed to provide a similar value to the [[Calmar ratio]]. This version of the Sterling ratio may be adjusted to something more like a [[Sharpe ratio]] as follows: |
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| | :<math>SR=\frac{Annual\ Portfolio\ Return - Annual\ Risk\operatorname{-}Free\ Rate}{Average\ Largest\ Drawdown}</math> |
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| | ==See also== |
| | *[[Sortino ratio]] |
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| | ==References== |
| | {{reflist}} |
| | Bacon, Carl, Practical portfolio performance measurement and attribution 2nd edition, Wiley 2008, ISBN 978-0-470-05928-9 |
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| | [[Category:Financial ratios]] |
Revision as of 22:53, 23 May 2013
The Sterling ratio (SR) is a measure of the risk-adjusted return of an investment portfolio.
Multiple definitions of the Sterling ratio exist. The original definition was most likely suggested by Deane Sterling Jones (a company no longer in existence):
Typically the time period is over 3 years and only the largest individual drawdowns are included (e.g. 3 or 5).
The "plus 10%" definition is arbitrarily designed to provide a similar value to the Calmar ratio. This version of the Sterling ratio may be adjusted to something more like a Sharpe ratio as follows:
See also
References
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Bacon, Carl, Practical portfolio performance measurement and attribution 2nd edition, Wiley 2008, ISBN 978-0-470-05928-9