Excess Returns

Returns in excess of the risk-free rate or in excess of a market measure (such as an index fund).

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In other words, when you have excess returns you are making more money than if you put your money into an index fund like the Dow (DJIA).

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Total Return of an asset or security portfolio less the risk-free return (usually defined as the return on the 90-day Treasury bill) for the period being measured. In modern portfolio theory, excess return represents the Risk Premium-the reward for taking risk-and is correlated with Beta-the measure of market risk-to produce a risk-adjusted return. Excess return is sometimes used to mean abnormal return the difference between the expected return, given beta, and the actual return.

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