There is no such thing as alpha. Alpha is only achieved by taking risk (either by changing liquidity preference or by having a different view about fundamental factors). Any return from “alpha” has been achieved by taking risk (beta risk).

Taking beta risk is a good thing. It is the best way of seeking volatility, risk and therefore having a return that is statistically different from the market rate of return.

There is only out or under-performance versus a hurdle rate, benchmark, total return or what-ever objective the investor has set themselves. All relative performance is achieved through taking either an implicit or explicit view on the prospects of both the level of an asset and the volatility of asset returns.