32 IV.2 B Conventional Benchmarks 35 IV.3 Alternative Performance Measures 37 IV.3 A Performance Measures with Conventional Benchmarks 39 IV.4 Treynor and Mazuy's Model 41 IV.5 Robustness Analysis: How do IEFs Fare in Bear Markets? 45 IV.3 A Downside Risk 47 V. Conclusions and Outl