Just to confirm…
CFA Vol. 1 p. 624
When ranking observations, the highest value gets rank 1, regardless of what the rank means.
In this example, a higher Sharpe ratio is the ‘best’ result, so it should receive rank 1. However, a higher Expense ratio is a bad thing and intuitvely I gave the highest observation the lowest rank. This seems to be incorrect.
So, we arrange the data purely in ascending order, right?
Thanks
Mark