The information ratio. Now, the information ratio measures the excess return of a portfolio over a benchmark, a predetermined benchmark, but it also looks at the variability of that excess return. So it helps investors answer two very important questions about active managers. First, does the manager outperform the passive benchmark? And two, is the manager able to outperform the benchmark consistently? If the answer to either of those questions is no, it would result in a lower information ratio. Now, many see the information ratio as just say sharp ratio in a different form, but in the end, it's tracking the amount of reward earned by a manager for every incremental unit of risk taken on by that manager. And here the incremental unit of risk is created by how much he or she chooses to deviate from the benchmark. Let's look at a formula. So the information ratio is again, the excess returns over the benchmark, so return of the portfolio minus the return on the benchmark. And it could also be called the active return. That is over the standard deviations of these excess return, also known as active risk or tracking error. Now, just like the other ratios, the higher the information ratio the better. If the information ratio is less than zero it means the active manager failed on the first objective of outperforming the benchmark.