Performance Measurement & Attribution | Research & Policy Center

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src="/-/media/images/hero/StandardPage-Hero-Images/cityscape-blue-black.jpg?w=2560&hash=5CF331B98CAB77D441EF944F06E4BEDE" srcset="/-/media/images/hero/StandardPage-Hero-Images/cityscape-blue-black.jpg?w=480&hash=A69E827B50437BFB4B2D101B47811244 480w, /-/media/images/hero/StandardPage-Hero-Images/cityscape-blue-black.jpg?w=768&hash=6FBBF8A1EC6ED949C08004F2D7505D6B 768w, /-/media/images/hero/StandardPage-Hero-Images/cityscape-blue-black.jpg?w=1200&hash=26670A73D017D6619B708C0677F74094 1200w, /-/media/images/hero/StandardPage-Hero-Images/cityscape-blue-black.jpg?w=2560&hash=5CF331B98CAB77D441EF944F06E4BEDE 2560w" sizes="100%" alt="cityscape-blue-black"> </picture> <div class="spotlight-hero__container"> <div class="spotlight-hero__text"> <h1 class="spotlight-hero__title">Performance Measurement and Attribution</h1> </div> </div> </section> <section class="article-grid">  <section class=" grid__item--full-width grid__item--inset grid__item--initial"> <div class="flex__container brand-card__container flex__container--1-up brand-card--horizontal@md flex__container--large-column-gap" >  <div class="brand-card flex__item"> <img src="/-/media/images/cards/Lifestyle-and-Graphic/hands-holding-screen-meeting.jpg?h=332&w=664&la=en&hash=E1A7F0D566A4390498814654EE537B4E" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="hands-holding-screen-meeting" /> <div class="brand-card__content"> <div class="brand-card__content-description"> <p>Performance measurement and attribution aim to measure portfolio performance and identify the sources of that performance. Understanding the drivers of risk and return in a portfolio is a critical part of the investment management process as well as an informative tool for evaluating whether a manager’s performance is due to luck, style drift, or skill. On this page, we provide an array of performance measurement and attribution topics and additional resources for deepening your expertise.</p> </div> </div> </div>  </div> <div class="flex__container brand-card__container flex__container--4-up@md flex__container--large-column-gap" >  <a href="/en/research/financial-analysts-journal/2024/how-should-investors-long-term-returns-be-measured" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/2024/investment-manager-selection-is-hotting-up.jpg?h=443&w=664&la=en&hash=C3EE079100000526BEF6936496E25D9D" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="Investment Manager Selection Is Hotting Up. Are You Ready for the Tough Questions? " /> <div class="brand-card__content"> <span class="brand-card__content-category">Financial Analysts Journal</span> <h4 class="brand-card__content-title">How Should Investors’ Long-Term Returns Be Measured?</h4> <div class="brand-card__content-description"> By Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei </div> </div>  </a>  <a href="/en/research/financial-analysts-journal/2024/nonlinear-factor-returns-in-the-us-equity-market" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/2024/equity-income-investing-redux.jpg?h=389&w=664&la=en&hash=DA61F49D57859BEC117910969C9C9AB2" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="equity-income-investing-redux" /> <div class="brand-card__content"> <span class="brand-card__content-category">Financial Analysts Journal</span> <h4 class="brand-card__content-title">Nonlinear Factor Returns in the US Equity Market</h4> <div class="brand-card__content-description"> By Roger G. Clarke, Harindra de Silva, CFA, and Steven Thorley, CFA </div> </div>  </a>  <a href="/en/research/foundation/2022/esg-investment-outcomes-performance-evaluation-and-attribution" class="brand-card flex__item" ><img src="/-/media/images/cards/new-brand-landscape/windmills-along-water.jpg?h=442&w=664&la=en&hash=ED3A389C438CD527E8E5502EDD468E74" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="sustainability esg climate" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Foundation</span> <h4 class="brand-card__content-title">ESG Investment Outcomes, Performance Evaluation, and Attribution</h4> <div class="brand-card__content-description"> By Stephen M. Horan, PhD, CAIA, CFA, CIPM, Elroy Dimson, FSIP, PhD, Clive Emery, Kenneth A. Blay, Glen Yelton, and Ankit Agarwal, CFA </div> </div>  </a>  <a href="/en/research/financial-analysts-journal/2024/private-equity-performance-around-the-world" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/Private-Equity-Five-Lessons-from-the-Global-Financial-Crisis.jpg?h=406&w=664&la=en&hash=C76E11B61040DF9177D64D1267A0A89A" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="Private-Equity-Five-Lessons-from-the-Global-Financial-Crisis" /> <div class="brand-card__content"> <span class="brand-card__content-category">Financial Analysts Journal</span> <h4 class="brand-card__content-title">Private Equity Performance around the World</h4> <div class="brand-card__content-description"> By Sara Ain Tommar, Serge Darolles, and Emmanuel Jurczenko </div> </div>  </a>  <a href="/en/research/foundation/2019/performance-attribution" class="brand-card flex__item" ><img src="/-/media/images/cards/Lifestyle-and-Graphic/man-holding-tablet-graphs.jpg?h=392&w=664&la=en&hash=E80A412EA9DEB6294B0DCB9CCFB51B10" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="man-holding-tablet-graphs" /> <div class="brand-card__content"> <span class="brand-card__content-category">Research Foundation</span> <h4 class="brand-card__content-title">Performance Attribution: History and Progress</h4> <div class="brand-card__content-description"> By Carl R. Bacon, CIPM </div> </div>  </a>  <a href="https://rpc.cfainstitute.org/en/blogpage#q=6c79d1e48f86cd262f09cbf14b10eda4d9af10af320c875fb96dbc85518e" class="brand-card flex__item" ><img src="/-/media/images/cards/blogs/How-Firms-Treat-Errors-in-Investment-Performance-940x575.png?h=406&w=664&la=en&hash=10FDD2BA679749FA178F24A241073CEE" class="brand-card__media media__ratio--full media__ratio--wide@md" loading="lazy" alt="" /> <div class="brand-card__content"> <span class="brand-card__content-category">Market Integrity Insights</span> <h4 class="brand-card__content-title">How Do Firms Treat Errors in Investment Performance?</h4> <div class="brand-card__content-description"> By Krista Harvey, CFA, CIPM </div> </div>  </a>  <a href="/en/topics/performance-attribution/risk-adjusted-performance" class="brand-card flex__item" ><img src="/-/media/images/cards/Abstract/abstract-purple-blue-universe.jpg?h=442&w=664&la=en&hash=266DD071929D0C800154BEB62CE44EA6" class="brand-card__media 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