Risk Measures

Beta measures the volatility of the fund, as compared to that of the overall market. The Market's beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile. Alpha measures how much better or worse a fund's performance is relative to an index of funds in the same category, after allowing for differences in risk. R-squared measures the degree to which a fund's behavior is related to its category benchmark. The S&P Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.