As an investment analyst at a quantitative hedge fund, you are tasked with evaluating the efficacy of a quantitative equity strategy. This strategy utilizes a multifactor model to identify undervalued stocks by analyzing specific metrics, such as earnings revisions, valuation ratios, and momentum indicators. The model generates a score for each stock, with higher scores indicating a greater potential for upside.

Your supervisor asks you how the model's performance should be evaluated to ensure that it consistently delivers alpha relative to the benchmark index. Which of the following approaches is most appropriate for assessing the model's performance?