But VC funds take on significantly more risk than a broad market, long-only index fund. So VCs need to yield a proportionately higher return, if we're comparing

But VC funds take on significantly more risk than a broad market, long-only index fund. So VCs need to yield a proportionately higher return, if we're comparing apples to apples. https://en.wikipedia.org/wiki/Sharpe_ratio https://en.wikipedia.org/wiki/Sharpe_ratio