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Performance Measurement and Attribution

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Performance measurement and attribution aim to measure portfolio performance and identify the sources of that performance. Understanding the drivers of risk and return in a portfolio is a critical part of the investment management process as well as an informative tool for evaluating whether a manager’s performance is due to luck, style drift, or skill. On this page, we provide an array of performance measurement and attribution topics and additional resources for deepening your expertise.

When Analytical Tools Scale, First-Order Information Differentiates
Report

Guide for Return Attribution Reporting

2026 - By CFA Institute

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Financial Analysts Journal

Private Equity Performance around the World

By Sara Ain Tommar, Serge Darolles, and Emmanuel Jurczenko

 CFA Institute Launches Asset Owner Survey
Survey Report

GIPS® Standards Asset Owner Performance Survey Report

By CFA Institute

 Beyond the Marketing Pitch: Understanding Hedge Fund Risks and Returns
Enterprising Investor

Beyond the Marketing Pitch: Understanding Hedge Fund Risks and Returns

By Raymond Kerzerho

 A Reality Check on Private Markets: Part III
Enterprising Investor

A Reality Check on Private Markets: Part III

By Ludovic Phalippou, PhD

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Financial Analyst Journal

Nonlinear Factor Returns in the US Equity Market

By Roger G. Clarke, Harindra de Silva, CFA, and Steven Thorley, CFA

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Research Foundation

Performance Attribution: History and Progress

By Carl R. Bacon, CIPM

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Articles & Whitepapers

Risk-Adjusted Performance Measures