To measure the reversal effect in stock markets, seven formation periods are considered to evaluate the past performance of stocks: 12, 18, 24, 30, 36, 48 and 60 months. This choice allows researchers to keep not only the month of December as the formation date of the extreme portfolios, as has been the case in the majority of the empirical studies. Formation periods of 18 and 30 months sometimes also allow researchers to retain June as a formation date which makes their results not only dependent on December as a formation date. You can also use overlapping intervals or nonoverlapping intervals. Studies examining the mean reversal effect use either overlapping intervals or nonoverlapping intervals. The following sources might help you.
Winner-Loser Reversals in National Stock Market Indices
https://www.imf.org › external › pubs
Momentum returns and size of winner and loser portfolios
https://ideas.repec.org › taf › apfiec
Winner Portfolio vs Loser Portfolio DeBont and Thaler.August ...
A way to measure market outperformance is to compare the returns of the market or individual security to a benchmark index, such as your country's stock market index or the S&P 500 in the United States. If the asset or index you are researching is outperforming the relevant benchmark, it means it is delivering higher returns.
Another way to measure outperformance is to compare the returns of the asset or index to the returns of other markets or asset classes, such as commodities (take your pick) or bonds. This can help in understanding how investments are performing relative to other options.
There are also metrics. These include alpha, which measures excess return relative to a benchmark; and beta, which measures statistically the volatility of an investment relative to the overall index.
Further tools include the Sharpe ratio measuring the risk-adjusted return of an investment, and the Treynor ratio.
Thesis An analytical tool to aid the reflective selection of equity...
I think there are many ways to develop questionare to measure it from the investor's perspective. Perhaps the following links of resources might help you.