I think another way to characterize 'riskiness' is the volatility of a portfolio, IOW how much does it swing up and down over time. So everything else being equ

I think another way to characterize 'riskiness' is the volatility of a portfolio, IOW how much does it swing up and down over time. So everything else being equal, two funds with the same ROI may still have different levels of volatility, with the fund having the lower volatility being more desirable.