Reynolds ratio is calculated by weighting β with circulating market value. According to relevant public information, the Treynor ratio is the ratio of the fund's rate of return to the risk-free interest rate and systemic risk. This ratio is a measure of the excess return of the fund to bear the systemic risk of the unit. The greater the Treynor ratio, the higher the risk-adjusted return. Trino index is based on the fact that non-systematic risks have been completely dispersed, that is, the investment portfolio held by the fund has fully dispersed the risks of individual stocks or industries. Therefore, the Treno index is suitable for evaluating funds with completely dispersed unsystematic risks, such as large-cap index funds. Therefore, funds are all tradable shares, that is, they should be beta weighted according to the market value of circulation.