Calculate excess return compared to expected return based on CAPM. Measure investment performance relative to risk.
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Alpha (ฮฑ) is a measure of excess return that an investment generates compared to its expected return based on the Capital Asset Pricing Model (CAPM). It represents the value added (or subtracted) by active portfolio management or stock selection skill.
Alpha = Portfolio Return - Expected Return
Where Expected Return = Risk-Free Rate + Beta ร (Market Return - Risk-Free Rate)
Example: If Alpha = 2%, the investment generated 2% more return than expected based on its risk level. This suggests skilled management or superior stock selection.
Note: Alpha is most meaningful when used alongside other metrics like Beta, Sharpe Ratio, and information ratio. A positive Alpha doesn't guarantee future outperformance, and past Alpha may not persist. Always consider Alpha in the context of the investment's risk profile and market conditions.
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