There are three questions that can give an idea of the evaluation of portfolio performance. 

1. Where's the return after all the expenses satisfactory for the investor or not. 2. How much risk did the investor or the manager have to take- evaluating performance on a risk-adjusted basis. That means when we are talking about the return from the investment we should taking concern about all the risk which has been adjusted and after that, we should calculate the return. 3. What should have been earned that is is proper. There should be a proper benchmark where the expectation of the investor should be e fixed first then the performance of the portfolio should be evaluated relative comparison necessarily where it shows the earning amount is going with the benchmark or against.