A rate that expresses the fund’s performance in relation to a certain reference index, during the period when that index achieved only a positive return (upside participation) or only a negative return (downside participation). The upside (downside) participation ratio is calculated by dividing the return of the fund by the return of the index in periods when the return of the index was positive (negative) only. An upside participation ratio of over 100% indicates that the fund’s performance was better than the index during periods when the index achieved a positive return. A downside participation ratio of less than 100% indicates that the fund has outperformed the index during periods when the index achieved a negative return.