![](https://www.frontieradvisors.com.au/wp-content/uploads/2020/06/heatmaps-bw.jpg)
The volatility of March and April has seen almost one in five funds change their status as an under or over performer based on APRA’s heatmaps. Our analysis shows standard deviation was a better predictor of performance in the March quarter than growth ratio – the metric used in the heatmaps.