R-squared shows how much of a fund's movement is explained by its benchmark's movement, on a scale of 0 to 100.
R-squared measures how closely a fund has moved with its benchmark. It is read on a scale from 0 to 100, sometimes shown as 0 to 1.
R-squared matters mainly as a check on other figures. Beta and alpha are worked out against the benchmark, so they mean most when R-squared is high. If R-squared is 40, the benchmark explains less than half of the fund's behaviour, and a beta of 0.7 says little about how the fund will move the next time the market falls.
R-squared says nothing about whether the fund did well. A fund can track its benchmark closely and still trail it every year by its expenses.
A large-cap fund often has an R-squared above 90 against a large-cap index. A flexi cap fund holding many mid and small caps may score lower against the same index.
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