The reason why the comprehensive performance evaluation index should be mentioned is because it is not easy to test whether the investment fund can outperform the market. We can't simply compare the growth rate of fund net value with the market index, but we should consider the income and crisis comprehensively. The income from investing in funds is usually expressed by the average growth rate of net assets over a period of time. The crisis of fund can be divided into absolute crisis and relative crisis. The former refers to the absolute fluctuation of the fund's net asset value, which is expressed by the standard deviation of the net asset value growth rate; The latter refers to the sensitivity of the fund's net asset value to the fluctuation of market index, which is expressed by the beta coefficient of the fund. Generally speaking, the higher the income, the greater the crisis; The lower the income, the smaller the crisis.

In addition, when comparing and distinguishing the investment and income of funds, we can rank them with the Treno Index and the Sharp Index. The Zhan Sen Index is superior to these two indexes in that it can tell us that the performance of each fund is superior to the specific scale of the benchmark portfolio. Zhan Sen index method is directly based on the capital asset pricing theory of the Nobel Prize in Economics. According to this theory, the alpha value of randomly selected input combinations should be equal to zero. If the alpha value of an input portfolio is significantly greater than zero, it shows that its performance is better than the market; If the alpha value of the portfolio is obviously less than zero, it means that its performance lags behind the broader market. It can be seen that the Zhan Sen index is characterized by introducing the market benchmark index when measuring the fund performance, which can better reflect the relative performance of the fund in the market.

From now on, we can know that the reasonable way to measure the relative performance of the fund (that is, whether it can outperform the market) should be to subtract the excess income related to the crisis from its income, that is, the content represented by the Zhan Sen index, which is why the significance of the Zhan Sen index should be highlighted in the fund investment.

Therefore, investors can refer to the Zhan Sen Index to compare the expected return of fund investment with the expected return of the securities market. Investment funds may have negative returns in a certain period of time, but this does not mean that the funds are not good. As long as the Zhan Sen index is positive at this stage, we can still think that this fund is an excellent open-end fund even though the fund returns are negative. On the contrary, even if the open-end fund purchased by an investor shows cash income in a certain period of time, if its Zhan Sen index is negative, it means that the open-end fund purchased by the investor is inferior, because other investors can earn 20 yuan of 100 yuan, and the fund manager can only help the investor earn 10 yuan, so the investor should consider choosing a new fund again. Zhan Sen index is more scientific and comparable than the absolute rate of return index without considering the crisis factor because of considering the fund income and the crisis of obtaining the income comprehensively. Applying the concept of Zhan Sen index to fund investment and pursuing the maximization of Zhan Sen index, that is, the maximization of fund excess return, is the best embodiment of fund investment performance surpassing market portfolio.