Fund active proportion calculation formula Active proportion is a risk indicator relative to the performance comparison benchmark, which is used to measure the degree of deviation of the investment portfolio relative to the benchmark. This metric is based on portfolio holdings rather than returns like volatility and tracking error. Active weighting measures how similar a portfolio is to a benchmark index. An active weight of 0 means the portfolio is essentially an index fund; an active weight of 100% means the portfolio is completely different from the benchmark. A higher active weighting means the portfolio's performance may differ significantly from the benchmark.