Sharpe Ratio and unsystematic risk

The QBank says, that you can rank stocks for Treynor Black according to their Sharpe ratios because the sharpe ratio is a measure of returns relative to unsystematic risk. Since Sharpe uses Std Deviation wouldn’t it be a measure of performance relative to total risk? If you have two stocks with the same std deviation and different betas, they will have different levels of unsystematic risk. However using the Sharpe to rank the stocks you would rank these stocks equally assuming the same expected returns. Am I missing something?

Also is the same item set it provides one stock that has a lower expected return than the S&P and acknowledges that it is expected to underperform but then goes on to say that is has positive alpha. How is this possible if it is expected to underperform? I thought alpha was return - benchmark return. WTF? It is Question ID#: 88820 if anyone cares to take a look

isn’t alpha - expected return - required return where Reqd Return (RR) = Return as designated by sth like the CAPM?

Yup you’re right. I just checked my notes. How about the first question though. Any ideas?