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Glossary

Benchmark

A benchmark is a reference index or portfolio (such as the S&P 500 or QQQ) used to judge whether an investment or strategy is performing well. "Beating the benchmark" is the standard bar for whether active research and stock selection is worth the effort compared to just buying the index.

Related terms
BacktestingBacktesting applies an investment strategy to historical data to see how it would have performed in the past. It is a sanity check before committing...Buy-Side vs. Sell-Side ResearchBuy-side research is done by the firms actually investing the money - RIAs, hedge funds, asset managers - to inform their own decisions. Sell-side...Automated Stock ScreeningAutomated stock screening applies a set of rules - valuation, growth, momentum, or custom signals - across an entire universe of stocks without manual...DrawdownA drawdown is the percentage decline from a stock's or portfolio's peak value to its subsequent low, before it recovers. Analysts use drawdown...
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