问题如下：
An investment manager is given the task of beating a benchmark. Hence the risk should be measured in terms of
选项：
A.Loss relative to the initial investment
B.Loss relative to the expected portfolio value
C.Loss relative to the benchmark
D.Loss attributed to the benchmark
解释：
C is correct. This is an example of risk measured in terms of deviations of the active portfolio relative to the benchmark. Answers A and B are incorrect because they refer to absolute risk. Answer D is also incorrect because it refers to the absolute risk of the benchmark.
test
