 In the "ex-ante" analysis, optimal portfolio problems based on the Rachev ratio are, generally, numerically hard to solve because the Rachev ratio is a fraction of two CVaRs which are convex functions of portfolio weights.In effect, the Rachev ratio, if viewed as a function of portfolio weights, may have many local extrema.Several empirical tests of the Rachev ratio and the generalized Rachev ratio have been proposed.