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Standard Deviation of Excess Return
The variance and standard deviation of excess return are simply variance and standard deviation applied to the excess return series e1, ... , en.
Var(e1, ..., en) =
StdDev(e1, ..., en) =
AnnStdDev(e1, ..., en) = StdDev(e1, ..., en) *
Standard deviation of excess returns measures the deviations of an excess returns series from its mean.