Treynor measure

[cding]

I’ve seen several questions regarding to the calculation of Treynor measure and I got really confused whether I should drop the % in the numerator.
Here is an example: Rp=20%, Rf=4%, Beta=1
Do I calculate it like (20-4)/1 =16 or (0.2-0.04)/1 = 0.16?

 

[mwvt9]

Doesn’t really matter does it?
Your output is either 16% or 0.16, which are equivalent.