Active Share (+ Idiosyncratic Risks)

Can you think of Active Share as being synonymous with idiosyncratic risks? In other words, can you say Active Risk is composed of 1) factor bets and 2) idiosyncratic risks/active share?

Or is it best to think of Active Share and Active Risk as separate but related topics?

Thanks for any thoughts!

Separate but related.

It’s possible to have high active risk and low active share and vice versa.

Got it, thanks @S2000magician