How it is worked out
The pick's return less the S&P 500's return from the same day to the same day, in percentage points.
How to read it
- Positive means the pick did better than the market, negative worse.
- Here it is a plain difference in returns: it does not adjust for risk. That is why our pages call it excess return, not alpha, which in the strict sense is the return beyond what the risk taken explains.
Example
A pick +12%, the S&P 500 +8% over the same period: an excess return of +4 points.