The reliability of the scheme too is a critical aspect. Reliability is nothing but volatility. A scheme giving good returns but extremely volatile or unreliable may not find favor with a larger number of investors.
This calls for a measure of performance which takes into account both returns as well as volatility / reliability.
One important feature that is observed while calculating Sharpe Ratio when applied to cricket is that we compare the average runs of a batsman with that of a bowler. In the world of finance the bowler is the risk free investment option of Government bonds.
Hence we should compare the average of the batsmen with the average of another batsman who could be treated as a benchmark. That would throw more light on the batting performance.
Similarly in funds we should compare the performance with the benchmark fund’s performance both for returns as well as volatility.