Absolute and relative performance. Now, absolute and relative performance data are two very widely used performance metrics for investments or portfolios. Now, absolute returns are the actual return of a security or a portfolio. So it combines the capital appreciation or capital loss with the income generated by the investment to calculate its absolute return. It's for a specific time period. It could be three months, one year, five years, 10 years, et cetera. Now, a relative performance number is distinct in the sense that it's the difference between that absolute return number and a benchmark. Now, you can see various types of benchmark when calculating relative performance. It could be the overall broad market. It could be similar investment funds. Or it could be a subset of companies that you think are comparable. Now, of the two, relative performance is the more important measure of success or performance of an investment. Now, keep in mind, in general, active investment vehicles like mutual funds or hedge funds, they seek to produce returns that are better than the broad market or similar funds, and they are striving for a high relative return. Now, their success or lack thereof is going to be based upon a comparison to the chosen benchmark and not necessarily their absolute return. So as a result, a relative performance number could still show outperformance even if the absolute return is negative, because in this situation, it preserved capital in a negative market environment.