Riskjusterad

Riskjusterad, or risk-adjusted, is a term used to describe methods that modify performance or outcome measures to reflect the risk taken or faced by different subjects, investments, or interventions. The goal is to enable fair comparisons across options that carry different levels of risk.

In finance, risk-adjusted return measures compare returns after accounting for risk. Common metrics include the Sharpe ratio, which divides excess return by total volatility; the Treynor ratio, which uses systematic risk; and the Sortino ratio, which focuses on downside risk. Other measures include the Information ratio and beta-adjusted metrics.

Calculations typically involve selecting a risk measure (volatility, downside deviation, or beta) and adjusting the numerator as needed (excess return, or risk-free return). A higher risk-adjusted return indicates better performance given risk; however, results depend on the chosen risk metric and time horizon.

In corporate finance and project appraisal, risk adjustment can be applied through a risk-adjusted discount rate or risk-adjusted net present value, where cash flows are discounted using a rate that reflects project risk, or through scenario analysis and probabilistic modeling to produce risk-adjusted expectations.

Risk adjustment is also applied in non-financial domains, such as healthcare, where risk-adjusted mortality rates or readmission rates compare provider performance by accounting for patient mix and case severity.

Limitations include sensitivity to the selected risk metric, data quality, model assumptions, and the fact that risk adjustment cannot fully remove biases related to how risk is measured or allocated.