Tracking error is defined as:

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Financial risk metrics are quantitative, mathematical tools used to measure, monitor, and manage the potential losses, volatility, and uncertainty associated with investments, portfolios, or business operations. They enable investors and institutions to quantify exposure to market, credit, or liquidity risks, helping to balance risk-reward and guide strategic decisions.  Key Components and Metrics Value at Risk (VaR): Estimates the maximum expected loss over a given time frame at a specific confidence level. Conditional Value at Risk (CVaR): Measures the expected loss exceeding the VaR... Show more

Tracking error is defined as: