> Risk-adjustment" is just another metric which makes not much sense: either I have the money or I do not. Money now is worth more than possible money tomorrow.

> Risk-adjustment" is just another metric which makes not much sense: either I have the money or I do not. Money now is worth more than possible money tomorrow. If you think risk-adjustment doesn't make sense as an evaluation metric, you should just sell naked puts or calls on a stock which doesn't seem volatile. You're going to generate spectacular returns for a while. Then you're going to blow up. On the other hand a portfolio with relatively low idiosyncratic risk and low market correlation (beta) might be safely levered up to a higher absolute return than e.g. SPY with less overall risk and volatility. Like I said...it's complicated.