http://etfdailynews.com/blog/2011/04/26/some-gold-miners-are-real-losers-gdx-gss-bvn-kgc-aem-tre/#more-31728 Just because a stock was “below average” (its 200-day moving average, specifically) doesn’t mean you couldn’t have made money with it in the last year, though only one stock outperformed the GDX return. (NOTE, thats TRE) The Sharpe ratio tells you what payback you get for taking on a stock’s volatility. A ratio above 1.00 indicates that more than a percentage point’s return is earned for undertaking a percentage point of risk. (NOTE TRE only one with sharpe ratio above 1) Alpha tells you what kind of return you could expect from a stock above a beta-adjusted investment in the benchmark. An alpha of 0.21, for example, implies that you could earn an excess return of 21 percent per annum with the stock if it were as volatile as your benchmark. Alpha represents an investor’s reward for stock picking. (NOTE TRE highest alpha)