Excess return / total volatility. >1.0 = solid · >2.0 = excellent · >3.0 = world-class. Penalizes both up- and down-volatility.

Excess return / downside volatility only. Better for trading systems — upside vol shouldn't be punished.

Largest peak-to-trough loss. <15% = great · 15-30% = manageable · >30% = needs work.

Gross wins / gross losses. >1.5 = profitable · >2.0 = solid · >3.0 = excellent.