{"id":7074,"date":"2025-07-03T09:08:27","date_gmt":"2025-07-03T08:08:27","guid":{"rendered":"https:\/\/eiqf.de\/blog\/semi-standard-deviation-as-a-risk-measure-for-downside-potential-in-companies\/"},"modified":"2026-02-20T08:18:11","modified_gmt":"2026-02-20T07:18:11","slug":"semi-standard-deviation-as-a-risk-measure-for-downside-potential-in-companies","status":"publish","type":"post","link":"https:\/\/eiqf.de\/en\/blog\/semi-standard-deviation-as-a-risk-measure-for-downside-potential-in-companies\/","title":{"rendered":"SEMI-STANDARD DEVIATION AS A RISK MEASURE FOR DOWNSIDE POTENTIAL IN COMPANIES"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7074\" class=\"elementor elementor-7074 elementor-6490\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6fc4bdc creative-section e-con-full e-flex e-con e-parent\" data-id=\"6fc4bdc\" data-element_type=\"container\" data-e-type=\"container\" 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class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__59af623\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__59af623\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<div id=\"elementor-toc__59af623\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<svg class=\"elementor-toc__spinner eicon-animation-spin e-font-icon-svg e-eicon-loading\" aria-hidden=\"true\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M500 975V858C696 858 858 696 858 500S696 142 500 142 142 304 142 500H25C25 237 238 25 500 25S975 237 975 500 763 975 500 975Z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-981c3e7 e-con-full e-flex e-con e-parent\" data-id=\"981c3e7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-21e8488 e-con-full e-flex e-con e-child\" data-id=\"21e8488\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-42766cf elementor-widget elementor-widget-text-editor\" data-id=\"42766cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"s3\">Our last article focused on standard deviation as a central tool in risk management. Thank you for your positive feedback and the exciting suggestions!<\/span><span class=\"s3\"><br><\/span><span class=\"s3\">One topic that was particularly frequently requested:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13ebae7 elementor-widget elementor-widget-heading\" data-id=\"13ebae7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Semi-Standard Deviation (Downside Deviation)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cd77a98 e-con-full e-flex e-con e-child\" data-id=\"cd77a98\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-dee88f3 e-con-full e-flex e-con e-child\" data-id=\"dee88f3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1d34922 elementor-widget elementor-widget-heading\" data-id=\"1d34922\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">WHAT DOES THE SEMI-STANDARD DEVIATION MEASURE?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e586f9 elementor-widget elementor-widget-text-editor\" data-id=\"4e586f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"s3\">The <\/span><span class=\"s4\">semi-standard deviation<\/span> <span class=\"s3\">(also downside deviation) <\/span><span class=\"s3\">measures the dispersion <\/span><span class=\"s4\">below a reference value<\/span><span class=\"s3\"> (usually the mean or a target return such as 0%). It answers the question: <\/span><span class=\"s4\">How strongly do the unfavorable (negative) values deviate <\/span><span class=\"s4\">on average<\/span><span class=\"s4\"> from a target value?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a1a59c4 e-con-full e-flex e-con e-child\" data-id=\"a1a59c4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ff17c99 elementor-widget elementor-widget-text-editor\" data-id=\"ff17c99\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Unlike standard deviation, the semi-standard deviation is a one-sided risk measure. We recall that standard deviation is a two-sided risk measure that considers both positive and negative deviations from the expected value. When we want to measure only the downside potential, semi-variance or semi-standard deviation is appropriate.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9404bc9 e-con-full e-flex e-con e-child\" data-id=\"9404bc9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-9cc78e1 e-con-full e-flex e-con e-child\" data-id=\"9cc78e1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5606ca0 elementor-widget elementor-widget-heading\" data-id=\"5606ca0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"> CALCULATION STEP BY STEP<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24f6767 elementor-widget elementor-widget-text-editor\" data-id=\"24f6767\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><strong><span class=\"s6\">STEP 1: DEFINE A REFERENCE VALUE OR THRESHOLD<\/span><\/strong><\/p><p class=\"s5\"><span class=\"s3\">The semi-standard deviation measures only the dispersion of values below a reference value, usually:<\/span><\/p><div class=\"s9\"><span class=\"s8\">\u2022 <\/span><span class=\"s3\">the arithmetic mean (classical semi-standard deviation) or<\/span><\/div><div class=\"s9\"><span class=\"s8\">\u2022 <\/span><span class=\"s3\">a target value (e.g., 0% return or a minimum return, e.g., 5%)<\/span><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5a06fc elementor-widget elementor-widget-text-editor\" data-id=\"b5a06fc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><strong><span class=\"s6\">STEP 2: DETERMINE THE NEGATIVE DEVIATIONS FROM THE REFERENCE VALUE<\/span><\/strong><\/p><p class=\"s10\"><span class=\"s3\">Consider only those observations that <\/span><span class=\"s4\">fall below<\/span><span class=\"s3\"> the reference value<\/span><span class=\"s3\">:<\/span><\/p><p class=\"s10\"><span class=\"s3\">For each value <\/span><span class=\"s3\">, define:<\/span><\/p><p class=\"s11\"><span class=\"s3\">These deviation<\/span><span class=\"s3\">s<\/span><span class=\"s3\"> capture the downside potential.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6620e89 elementor-widget elementor-widget-text-editor\" data-id=\"6620e89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><strong><span class=\"s6\">STEP 3: CALCULATE THE SQUARED NEGATIVE DEVIATIONS FROM THE REFERENCE VALUE<\/span><\/strong><\/p><p class=\"s11\"><span class=\"s3\">Since the deviations are negative, they are converted to a positive dimension. This is achieved by squaring the negative deviations from the expected value<\/span><span class=\"s3\">. <\/span><span class=\"s3\">This gives the negative deviations a positive value.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f85e880 elementor-widget elementor-widget-text-editor\" data-id=\"f85e880\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><strong><span class=\"s6\">STEP 4: CALCULATE THE SUM OF THE SQUARED NEGATIVE DEVIATIONS FROM THE REFERENCE VALUE<\/span><\/strong><\/p><p class=\"s11\"><span class=\"s3\">In the next step, the sum of the squared negative deviations from the expected value is calculated.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6534a6 elementor-widget elementor-widget-text-editor\" data-id=\"f6534a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><strong><span class=\"s6\">STEP 5: CALCULATE <\/span><span class=\"s6\">THE<\/span><span class=\"s6\"> SEMI-VARIANCE<\/span><\/strong><\/p><p class=\"s7\"><span class=\"s3\">Now we can calculate the semi-variance.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-651a036 elementor-widget elementor-widget-text-editor\" data-id=\"651a036\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><strong><span class=\"s6\">STEP 6: CALCULATE THE SEMI-STANDARD DEVIATION<\/span><\/strong><\/p><p class=\"s5\"><span class=\"s3\">To calculate the semi-standard deviation as the average deviation of the negative values from the reference value, the semi-variance must be returned to its original dimension. To do this, we take the square root of the variance<\/span><span class=\"s3\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08a4489 elementor-widget elementor-widget-heading\" data-id=\"08a4489\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ADVANTAGES OF THE SEMI-STANDARD DEVIATION<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75c1d13 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"75c1d13\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"> More realistic description of the risk situation in companies:<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c942c1 elementor-widget elementor-widget-text-editor\" data-id=\"5c942c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\"><span class=\"s3\">Companies typically exhibit left-skewed distributions that represent downside potential. This is partly because many risks exist where there is no upside potential (e.g., cybercrime attac<\/span><span class=\"s3\">k<\/span><span class=\"s3\">, warehouse fire). Furthermore, companies strive to utilize their capacities optimally. Therefore, a short-term increase in output with increased demand is hardly possible. This assessment is reinforced by the shortage of skilled workers. Therefore, risk management should focus more on the analysis of <\/span><span class=\"s3\">d<\/span><span class=\"s3\">ownside measures.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3182a6 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"a3182a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"> More realistic risk profile for investors or risk managers:<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-207e3aa elementor-widget elementor-widget-text-editor\" data-id=\"207e3aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\">Investors\/risk managers fear losses \u2013 not gains. The semi-standard deviation focuses only on the downside. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fec2687 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"fec2687\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Suitable for performance measurement:<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e4c829 elementor-widget elementor-widget-text-editor\" data-id=\"7e4c829\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\">In metrics such as the Sortino Ratio (a variant of the Sharpe Ratio), the semi-standard deviation is used to capture &#8220;downside risk.&#8221;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffbcb59 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"ffbcb59\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-check\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M173.898 439.404l-166.4-166.4c-9.997-9.997-9.997-26.206 0-36.204l36.203-36.204c9.997-9.998 26.207-9.998 36.204 0L192 312.69 432.095 72.596c9.997-9.997 26.207-9.997 36.204 0l36.203 36.204c9.997 9.997 9.997 26.206 0 36.204l-294.4 294.401c-9.998 9.997-26.207 9.997-36.204-.001z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Avoids distortions from upward outliers:<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dee8b12 elementor-widget elementor-widget-text-editor\" data-id=\"dee8b12\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\">Very high positive values can suggest high risk with standard deviation \u2013 which is not always rational.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3db69a0 elementor-widget elementor-widget-heading\" data-id=\"3db69a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">IMPLEMENTATION IN EXCEL<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01807fe elementor-widget elementor-widget-text-editor\" data-id=\"01807fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s7\">There is no built-in Excel function \u2013 but here&#8217;s how it works (e.g., for a data series A3:A12):<\/p><ul><li> <span class=\"s3\">Calculate mean (e.g., B1):<\/span><span class=\"s3\"><br><\/span><span class=\"s3\">Excel: B1=AVERAGE(A3:A12)<\/span><\/li><li><span class=\"s3\">Filter out values below the mean<\/span><span class=\"s3\"><br><\/span><span class=\"s3\">B3=IF(A3&lt;$B$1,A3,&#8221;&#8221;)<\/span><\/li><li><span class=\"s3\">Calculate deviations from the mean and square them<\/span><span class=\"s3\"><br><\/span><span class=\"s3\">C3=IF(B2&lt;&gt;&#8221;&#8221;,(B3-$B$12)^2,&#8221;&#8221;)<\/span><\/li><li><span class=\"s3\">Average of squared deviations = semi-variance<\/span><span class=\"s3\"><br><\/span><span class=\"s3\">D1=1\/(COUNT(C3:C12)-1)*SUM(C3:C12)<\/span><\/li><li><span class=\"s3\">Calculation of the semi-standard deviation<\/span><span class=\"s3\"><br><\/span><span class=\"s3\">D2=SQRT(1\/(COUNT(C3:C12)-1)*SUM(C3:C12))=SQRT(D1)<\/span><span class=\"s3\"><br><\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4c8dde5 elementor-hidden-mobile e-flex e-con-boxed e-con e-child\" data-id=\"4c8dde5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bcc2d50 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"bcc2d50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-info\" viewBox=\"0 0 192 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M20 424.229h20V279.771H20c-11.046 0-20-8.954-20-20V212c0-11.046 8.954-20 20-20h112c11.046 0 20 8.954 20 20v212.229h20c11.046 0 20 8.954 20 20V492c0 11.046-8.954 20-20 20H20c-11.046 0-20-8.954-20-20v-47.771c0-11.046 8.954-20 20-20zM96 0C56.235 0 24 32.235 24 72s32.235 72 72 72 72-32.235 72-72S135.764 0 96 0z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d69fa6c elementor-widget elementor-widget-text-editor\" data-id=\"d69fa6c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"s3\" style=\"font-size: 16px;\">T<\/span><span class=\"s3\" style=\"font-size: 16px;\">he semi-standard deviation <\/span><span class=\"s3\" style=\"font-size: 16px;\">can <\/span><span class=\"s3\" style=\"font-size: 16px;\">also be calculated very simply and compactly using an array formula<\/span><span class=\"s3\" style=\"font-size: 16px;\">:<\/span><\/p><p class=\"s11\"><strong><span class=\"s3\">=SQRT<\/span><\/strong><strong><span class=\"s3\">(AVERAGE(IF(A3:A12&lt;AVERAGE(A3:A12),(A3:A12-AVERAGE(A3:A12))^2)))<\/span><\/strong><\/p><p class=\"s11\"><span class=\"s3\">(Note: In older Excel versions, CTRL+SHIFT+ENTER is required)<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7df18a9 elementor-hidden-desktop elementor-hidden-tablet e-flex e-con-boxed e-con e-child\" data-id=\"7df18a9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bd8731c elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"bd8731c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-info\" viewBox=\"0 0 192 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M20 424.229h20V279.771H20c-11.046 0-20-8.954-20-20V212c0-11.046 8.954-20 20-20h112c11.046 0 20 8.954 20 20v212.229h20c11.046 0 20 8.954 20 20V492c0 11.046-8.954 20-20 20H20c-11.046 0-20-8.954-20-20v-47.771c0-11.046 8.954-20 20-20zM96 0C56.235 0 24 32.235 24 72s32.235 72 72 72 72-32.235 72-72S135.764 0 96 0z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af04ead elementor-widget elementor-widget-text-editor\" data-id=\"af04ead\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"s3\" style=\"font-size: 16px;\">T<\/span><span class=\"s3\" style=\"font-size: 16px;\">he semi-standard deviation <\/span><span class=\"s3\" style=\"font-size: 16px;\">can <\/span><span class=\"s3\" style=\"font-size: 16px;\">also be calculated very simply and compactly using an array formula<\/span><span class=\"s3\" style=\"font-size: 16px;\">:<\/span><\/p><p class=\"s11\"><strong><span class=\"s3\">=SQRT<\/span><\/strong><\/p><p class=\"s11\"><strong><span class=\"s3\">(AVERAGE(IF(A3:A12<\/span><\/strong><\/p><p class=\"s11\"><strong><span class=\"s3\">&lt;AVERAGE(A3:A12),(A3:A12-AVERAGE(A3:A12))^2)))<\/span><\/strong><\/p><p class=\"s11\"><span class=\"s3\">(Note: In older Excel versions, CTRL+SHIFT+ENTER is required)<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03a276a elementor-widget elementor-widget-text-editor\" data-id=\"03a276a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"s11\"><span class=\"s3\">We see that the SEMI-STANDARD DEVIATION measures the AVERAGE NEGATIVE DEVIATION FROM THE EXPECTED VALUE and thus describes the downside potential very well<\/span><span class=\"s3\">.<\/span><span class=\"s3\"><span class=\"s3\"><br><\/span><span class=\"s3\"><br><\/span><span class=\"s3\">We send you our best regards until the next TIPS AND TRICKS FROM EIQF<\/span><span 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https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/KNIFFS-UND-TRICKS-VOM-EIQF-ALPHA-ALLEIN-REICHT-NICHT-\u2013-WARUM-DIE-RESIDUALE-VARIANZ-WICHTIG-IST-1024x598.png 1024w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/KNIFFS-UND-TRICKS-VOM-EIQF-ALPHA-ALLEIN-REICHT-NICHT-\u2013-WARUM-DIE-RESIDUALE-VARIANZ-WICHTIG-IST-768x448.png 768w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/KNIFFS-UND-TRICKS-VOM-EIQF-ALPHA-ALLEIN-REICHT-NICHT-\u2013-WARUM-DIE-RESIDUALE-VARIANZ-WICHTIG-IST-1536x896.png 1536w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/KNIFFS-UND-TRICKS-VOM-EIQF-ALPHA-ALLEIN-REICHT-NICHT-\u2013-WARUM-DIE-RESIDUALE-VARIANZ-WICHTIG-IST-2048x1195.png 2048w\" sizes=\"(max-width: 2346px) 100vw, 2346px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/eiqf.de\/en\/blog\/alpha-in-focus-but-not-alone\/\">\n\t\t\t\tAlpha in focus \u2014 but not alone\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tFebruary 25, 2026\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-time\">\n\t\t\t11:41 am\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Youtube Linkedin Envelope Table of Contents In private equity and portfolio management, \u201calpha\u201d is considered the key performance indicator: it represents the value added that<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/eiqf.de\/en\/blog\/alpha-in-focus-but-not-alone\/\" aria-label=\"Read more about Alpha in focus \u2014 but not alone\" tabindex=\"-1\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-6913 post type-post status-publish format-standard has-post-thumbnail hentry category-unkategorisiert\" role=\"listitem\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/eiqf.de\/en\/blog\/tips-and-tricks-from-eiqf-bessels-correction\/\" tabindex=\"-1\">\n\t\t\t<div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"1500\" height=\"1000\" src=\"https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF.png\" class=\"attachment-full size-full wp-image-6914\" alt=\"\" title=\"\" srcset=\"https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF.png 1500w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF-300x200.png 300w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF-1024x683.png 1024w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF-768x512.png 768w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/eiqf.de\/en\/blog\/tips-and-tricks-from-eiqf-bessels-correction\/\">\n\t\t\t\tTIPS AND TRICKS FROM EIQF: BESSEL&#8217;S CORRECTION\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tFebruary 11, 2026\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-time\">\n\t\t\t9:04 am\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Youtube Linkedin Envelope Table of Contents Have you ever wondered why, when calculating the standard deviation, we sometimes divide by \ud835\udcf7 and sometimes by \ud835\udc8f-1?<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/eiqf.de\/en\/blog\/tips-and-tricks-from-eiqf-bessels-correction\/\" aria-label=\"Read more about TIPS AND TRICKS FROM EIQF: BESSEL&#8217;S CORRECTION\" tabindex=\"-1\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7210 post type-post status-publish format-standard has-post-thumbnail hentry category-unkategorisiert\" role=\"listitem\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/eiqf.de\/en\/blog\/our-new-article-in-zfke-the-cash-flow-statement-as-a-management-and-control-instrument-in-corporate-planning-a-case-study-for-a-medium-sized-enterprise\/\" tabindex=\"-1\">\n\t\t\t<div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"2346\" height=\"1370\" src=\"https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG.png\" class=\"attachment-full size-full wp-image-7211\" alt=\"\" title=\"\" srcset=\"https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG.png 2346w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG-300x175.png 300w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG-1024x598.png 1024w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG-768x448.png 768w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG-1536x897.png 1536w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/DIE-KAPITALFLUSSRECHNUNG-ALS-STEUERUNGS-UND-KONTROLLINSTRUMENT-IN-DER-UNTERNEHMENSPLANUNG-2048x1196.png 2048w\" sizes=\"(max-width: 2346px) 100vw, 2346px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/eiqf.de\/en\/blog\/our-new-article-in-zfke-the-cash-flow-statement-as-a-management-and-control-instrument-in-corporate-planning-a-case-study-for-a-medium-sized-enterprise\/\">\n\t\t\t\tOUR NEW ARTICLE IN ZfKE: THE CASH FLOW STATEMENT AS A MANAGEMENT AND CONTROL INSTRUMENT IN CORPORATE PLANNING: A CASE STUDY FOR A MEDIUM-SIZED ENTERPRISE\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tFebruary 6, 2026\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-time\">\n\t\t\t9:42 am\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Youtube Linkedin Envelope Table of Contents In corporate planning practice, the cash flow statement has often been neglected to date, even though it represents a<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/eiqf.de\/en\/blog\/our-new-article-in-zfke-the-cash-flow-statement-as-a-management-and-control-instrument-in-corporate-planning-a-case-study-for-a-medium-sized-enterprise\/\" aria-label=\"Read more about OUR NEW ARTICLE IN ZfKE: THE CASH FLOW STATEMENT AS A MANAGEMENT AND CONTROL INSTRUMENT IN CORPORATE PLANNING: A CASE STUDY FOR A MEDIUM-SIZED ENTERPRISE\" tabindex=\"-1\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7207 post type-post status-publish format-standard has-post-thumbnail hentry category-unkategorisiert\" role=\"listitem\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/eiqf.de\/en\/blog\/book-announcement-practical-handbook-on-expectation-consistent-planning-and-future-performance-planning\/\" tabindex=\"-1\">\n\t\t\t<div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"930\" src=\"https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/Erwartungstreue-Planung-und-Zukunftserfolgsplanung.png\" class=\"attachment-full size-full wp-image-7208\" alt=\"\" title=\"\" srcset=\"https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/Erwartungstreue-Planung-und-Zukunftserfolgsplanung.png 1600w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/Erwartungstreue-Planung-und-Zukunftserfolgsplanung-300x174.png 300w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/Erwartungstreue-Planung-und-Zukunftserfolgsplanung-1024x595.png 1024w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/Erwartungstreue-Planung-und-Zukunftserfolgsplanung-768x446.png 768w, https:\/\/eiqf.de\/wp-content\/uploads\/2026\/02\/Erwartungstreue-Planung-und-Zukunftserfolgsplanung-1536x893.png 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/eiqf.de\/en\/blog\/book-announcement-practical-handbook-on-expectation-consistent-planning-and-future-performance-planning\/\">\n\t\t\t\tBook announcement: Practical Handbook on Expectation-Consistent Planning and Future Performance Planning\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tFebruary 4, 2026\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-time\">\n\t\t\t12:39 pm\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Youtube Linkedin Envelope Table of Contents In an increasingly volatile and crisis-prone world, traditional deterministic management planning is reaching its limits. Target-value-oriented planning systematically ignores<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/eiqf.de\/en\/blog\/book-announcement-practical-handbook-on-expectation-consistent-planning-and-future-performance-planning\/\" aria-label=\"Read more about Book announcement: Practical Handbook on Expectation-Consistent Planning and Future Performance Planning\" tabindex=\"-1\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7220 post type-post status-publish format-standard has-post-thumbnail hentry category-unkategorisiert\" role=\"listitem\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/eiqf.de\/en\/blog\/what-does-quantum-mechanics-have-to-do-with-modern-corporate-finance\/\" tabindex=\"-1\">\n\t\t\t<div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"2308\" height=\"1536\" src=\"https:\/\/eiqf.de\/wp-content\/uploads\/2025\/08\/WAS-HAT-QUANTENMECHANIK-MIT-MODERNEM-CORPORATE-FINANCE.png\" class=\"attachment-full size-full wp-image-7221\" alt=\"\" title=\"\" srcset=\"https:\/\/eiqf.de\/wp-content\/uploads\/2025\/08\/WAS-HAT-QUANTENMECHANIK-MIT-MODERNEM-CORPORATE-FINANCE.png 2308w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/08\/WAS-HAT-QUANTENMECHANIK-MIT-MODERNEM-CORPORATE-FINANCE-300x200.png 300w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/08\/WAS-HAT-QUANTENMECHANIK-MIT-MODERNEM-CORPORATE-FINANCE-1024x681.png 1024w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/08\/WAS-HAT-QUANTENMECHANIK-MIT-MODERNEM-CORPORATE-FINANCE-768x511.png 768w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/08\/WAS-HAT-QUANTENMECHANIK-MIT-MODERNEM-CORPORATE-FINANCE-1536x1022.png 1536w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/eiqf.de\/en\/blog\/what-does-quantum-mechanics-have-to-do-with-modern-corporate-finance\/\">\n\t\t\t\tWhat Does Quantum Mechanics Have to Do with Modern Corporate Finance?\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tAugust 1, 2025\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-time\">\n\t\t\t7:58 am\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Youtube Linkedin Envelope Table of Contents Exactly 100 years ago, in 1925, Werner Heisenberg published his groundbreaking article: \ud83d\udc49 &#8220;On the Quantum-Theoretical Reinterpretation of Kinematic<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/eiqf.de\/en\/blog\/what-does-quantum-mechanics-have-to-do-with-modern-corporate-finance\/\" aria-label=\"Read more about What Does Quantum Mechanics Have to Do with Modern Corporate Finance?\" tabindex=\"-1\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7074 post type-post status-publish format-standard has-post-thumbnail hentry category-unkategorisiert\" role=\"listitem\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/eiqf.de\/en\/blog\/semi-standard-deviation-as-a-risk-measure-for-downside-potential-in-companies\/\" tabindex=\"-1\">\n\t\t\t<div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"1500\" height=\"1000\" src=\"https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF.png\" class=\"attachment-full size-full wp-image-6914\" alt=\"\" title=\"\" srcset=\"https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF.png 1500w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF-300x200.png 300w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF-1024x683.png 1024w, https:\/\/eiqf.de\/wp-content\/uploads\/2025\/06\/KniffeTricks-vom-EIQF-768x512.png 768w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/eiqf.de\/en\/blog\/semi-standard-deviation-as-a-risk-measure-for-downside-potential-in-companies\/\">\n\t\t\t\tSEMI-STANDARD DEVIATION AS A RISK MEASURE FOR DOWNSIDE POTENTIAL IN COMPANIES\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tJuly 3, 2025\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-time\">\n\t\t\t9:08 am\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>The semi-standard deviation (also downside deviation) measures the dispersion below a reference value (usually the mean or a target return such as 0%).<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/eiqf.de\/en\/blog\/semi-standard-deviation-as-a-risk-measure-for-downside-potential-in-companies\/\" aria-label=\"Read more about SEMI-STANDARD DEVIATION AS A RISK MEASURE FOR DOWNSIDE POTENTIAL IN COMPANIES\" tabindex=\"-1\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"3\" data-next-page=\"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts\/7074\/page\/2\/\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">Page<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts\/7074\/page\/2\/\"><span class=\"elementor-screen-only\">Page<\/span>2<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts\/7074\/page\/3\/\"><span class=\"elementor-screen-only\">Page<\/span>3<\/a>\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The semi-standard deviation (also downside deviation) measures the dispersion below a reference value (usually the mean or a target return such as 0%).<\/p>\n","protected":false},"author":4,"featured_media":6914,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-unkategorisiert"],"_links":{"self":[{"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts\/7074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/comments?post=7074"}],"version-history":[{"count":1,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts\/7074\/revisions"}],"predecessor-version":[{"id":7076,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/posts\/7074\/revisions\/7076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/media\/6914"}],"wp:attachment":[{"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/media?parent=7074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/categories?post=7074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eiqf.de\/en\/wp-json\/wp\/v2\/tags?post=7074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}