[mjfl]

I work in investing and take issue with the standard deviation of returns being taken as equivalent to "risk". For example there were many quant funds that had great Sharpe ratios up until 2008, after which they got completely annihilated. But I have nothing else to add. It is hard to measure risk.

[skolos]

I agree that standard deviation might not be the best measure of risk. That's why there are many other measures exist that try to address issues. But you cannot compare returns without looking at risk.

Comparing fund performance is a tricky business and often you can cherry pick methodology easily to support any conclusion you desire.