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Investment Performance Performance Versus Benchmark: Return and Sharpe Ratio

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Investment Performance Performance Versus Benchmark: Return and Sharpe Ratio Release date 07-31-2018 Page 1 of 20 Investment Performance Performance versus Benchmark: Return and Sharpe Ratio 5-Yr Summary Statistics as of 07-31-2018 Name Total Rtn Sharpe Ratio TearLab Corp(TEAR) -75.30 -2.80 AmerisourceBergen Corp(ABC) 8.62 -2.80 S&P 500 TR USD 13.12 1.27 Definitions Return Sharpe Ratio The gain or loss of a security in a particular period. The return consists of the The Sharpe Ratio is calculated using standard deviation and excess return to income and the capital gains relative to an investment. It is usually quoted as a determine reward per unit of risk. The higher the SharpeRatio, the better the percentage. portfolio’s historical risk-adjusted performance. Performance Disclosure The performance data quoted represents past performances and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Please see the Disclosure Statements for Standardized Performance. ©2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 07-31-2018 Page 2 of 20 Investment Performance Performance versus Benchmark: Alpha,Beta and Treynor Ratio 5-Yr Summary Statistics as of 07-31-2018 Name Alpha Beta Treynor Ratio TearLab Corp(TEAR) -0.49 0.00 1,077.38 AmerisourceBergen Corp(ABC) -0.49 0.00 1,077.38 Benchmark: S&P 500 TR USD Definitions Alpha Treynor Ratio Alpha measures the difference between a fund’s actual returns and its The Treynor ratio is a risk-adjusted measure of return based on systematic expected performance, given its level of risk (as measured by beta) risk. It is the annualized monthly excess return of the strategy divided by the beta of the strategy's excess returns relative to the strategy's benchmark. It is Beta similar to the Sharpe ratio with the difference being that it uses beta as the Beta is a measure of a fund’s sensitivity to market movements. A fund with a measurement of volatility (rather than standard deviation). In using beta, the beta greater than 1 is more volatile than the market, and a fund with a beta Treynor ratio assumes a portfolio is fully diversified and all unsystematic risk less than 1 is less volatile than the market. has been eliminated. Performance Disclosure The performance data quoted represents past performances and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Please see the Disclosure Statements for Standardized Performance. ©2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 07-31-2018 Page 3 of 20 Investment Performance Up Capture, Down Capture and R-Squared 3-Yr Summary Statistics as of 07-31-2018 Name Total Rtn % Up Capture % Down Capture R-Squared TearLab Corp(TEAR) -82.65 0.00 0.00 0.42 AmerisourceBergen Corp(ABC) -6.63 0.00 0.00 0.42 Benchmark: S&P 500 TR USD Definitions Return RSquared The gain or loss of a security in a particular period. The return consists of the R squared reflects the percentage of a fund’s movements that are explained by income and the capital gains relative to an investment. It is usually quoted as a movements in its benchmark index, showing the degree of correlation between percentage. the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Up Capture and Down Capture Upside/Downside Capture Ratio measures a manager's performance in up/down markets relative to the market (benchmark) itself. It is calculated by taking the security’s upside/downside capture return and dividing it by the benchmark’s upside/downside capture return. Performance Disclosure The performance data quoted represents past performances and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Please see the Disclosure Statements for Standardized Performance. ©2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 07-31-2018 Page 4 of 20 Investment Performance Excess Return and Tracking Error 5-Yr Summary Statistics as of 07-31-2018 Name Excess Return Tracking Error TearLab Corp(TEAR) -11.60 9.71 AmerisourceBergen Corp(ABC) -11.60 9.71 Benchmark: S&P 500 TR USD Definitions Excess Return Tracking Error A component found in Morningstar Return. This figure is calculated by A divergence between the price behavior of a position or portfolio and the subtracting the monthly returns of the three-month Treasury-bill from the price behavior of a benchmark. Tracking errors are reported as a "standard monthly returns of the fund during the same time period. deviation percentage" difference. Basically, it tells you the difference between the return you received and that of the benchmark you were trying to copy. Performance Disclosure The performance data quoted represents past performances and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Please see the Disclosure Statements for Standardized Performance. ©2018 Morningstar. All Rights Reserved.
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