"The metric should focus on the chance of permanent loss — investment value dropping to zero, for example — or the opportunity cost of underperforming a Benchmark"

I dont have any assets, where permanent loss is possible, because if these assets would go to 0, world would not exist anymore... and opportunity costs of underperforming a Benchmark? I dont understand why this would be more relevant as volatility? BM is going down 50%, Strategy is going down 50% = Risk is 0?