Difference between an asset`s return and the riskless rate. Sometimes confused with abnormal returns, returns in excess of those required by some asset pricing model.
Asset returns in excess of the risk-free rate. Used especially in the context of the CAPM. Excess returns are negative in those periods in which returns are less than the risk-free rate. Contrast abnormal returns. Contexts: finance
Also called abnormal returns, returns in excess of those required by some asset pricing model. 
Difference between the return on the market portfolio and the riskless rate.