In looking beneath the surface of risk, the author examines relative risk.  She reminds us that risk is impossible to evaluate without including the comparative alternatives-the relative risk.  How risky is this route, compared to what?  She carries her thesis into practical examples, comparing the performance of four hypothetical managers.

Performance Risk Statistics: Interpretation and Applications in Selection and
Monitorization of Investment Managers
Claire Lumsdaine, Aon Investment Consulting