Treynor ratio
Excess return per unit of market risk, rather than per unit of total risk.
How it is computed here
The annualised return over the risk-free rate, divided by beta rather than by volatility — so the denominator is only the part of the risk that diversifying cannot remove.
Worked example
This one compares the portfolio with an index you choose, and the demo portfolio has none set — so there is no honest example to show here. On your own portfolio, choose a benchmark on the dashboard and it appears.
Where it misleads
It is the right measure only if this portfolio is one piece of something larger, where its own specific risk is diversified away by everything else. On its own, Sharpe is the honest one.