May be it is late, but reading this stuff, someone tell me how the recommendation 5.B.4 and 5.B.5 are different. All I can see is that one states using monthly returns, but how else would you annualize it? using daily returns, hello~. 5.B.4 For each period for which an annualized EX-POST STANDARD DEVIATION of the COMPOSITE and the BENCHMARK are presented, the corresponding annualized return of the COMPOSITE and the BENCHMARK SHOULD also be presented. 5.B.5 For each period for which an annualized return of the COMPOSITE and the BENCHMARK are presented, the corresponding annualized EX-POST STANDARD DEVIATION (using monthly returns) of the COMPOSITE and the BENCHMARK SHOULD also be presented.