Identifying Active vs. Passive Performance

In the context of a diversified investment portfolio, a manager is evaluating the performance of a particular asset against the benchmark. The benchmark is an index that reflects the market from which the asset is comprised. The portfolio manager believes that the asset has underperformed due to market volatility and changing economic conditions. To assess the asset's performance accurately, the manager considers different appraisal metrics. Which of the following performance appraisal methods would best help identify whether the asset's underperformance is due to passive market effects or active decision-making on the part of the asset manager?