Is sortino ratio = (Rtn - Risk free)/ downside deviation OR (Rtn - Min rtn)/ downside deviation. Seem to see different definitions.
I thought it was the second one you listed. They would be the same, of course, if your min rtn = RFR.
As far as I know, Its the second.
I think the actual formula is (er - mar(aka min acceptable return))/dd
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