# TAILRATIO

## Description

Calculate the empirical distribution's tail ratio. The tail ratio is defined as the ratio between the 95th and 5th percentile of returns. This statistic is useful to assess the relative magnitude of losses to gains. For example, a tail ratio of 0.25 would mean that losses are four times as bad as gains.

## Syntax

The following describes the function signature for use in Microsoft Excel's formula bar.

```excel-formula
=TAILRATIO(x)
```

### Input(s)

| Argument | Description                                 |
| -------- | ------------------------------------------- |
| **x**    | Required. Time series or matrix of returns. |

### Output(s)

Vector of tail ratio estimate(s).

## Example

![](/files/-MLEMdI8FuGd3wDtvDzD)

{% file src="/files/-MLEMhFMH7RCi9SNZIt\_" %}
Example Workbook: RATIOS
{% endfile %}


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