Glossary

S&P 500®
The S&P 500® Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
Risk Adjusted Returns
A concept that refines an investment's return by measuring how much risk is involved in producing that return, which is generally expressed as a number or rating. There are five principal risk measures: alpha, beta, r-squared, standard deviation and the Sharpe ratio. Each risk measure is unique in how it measures risk. When comparing two or more potential investments, an investor should always compare the same risk measures to each different investment in order to get a relative performance perspective.
MSCI All Cap World Index
The MSCI World All Cap Index captures large, mid, small and micro cap representation across 23 Developed Markets (DM) countries