Mutual Fund Performance in a Nonsymmetrical World: A Case for the Upside Deviation
A mathematical case is made for the upside deviation. When a portfolio's UD is divided by the market's UD, the resulting ratio facilitates another test of positive or negative skewness. However, a grater contribution of the prospective measure is that were DDp/DDm monitors a portfolio's control of downside deviations, UDp/UDm reflects the leverage from upside deviations.
Kochman, Ladd, and Ravija Badarinathi. "Mutual Fund Performance in a Nonsymmetrical World: A Case for the Upside Deviation." American Business Review 19.1 (2001): 46-50. Print.