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Clarification of the SCTRs " Peer Group "
I'm looking for clarification of the SCTRs " Peer Group ".
All the literature that I have come across mentions that the SCTR is the measure of a stock relative to its' "Peer Group" and that you can choose a Universe of stocks, e.g. Large Caps, Mid Caps, etc.
Is the SCTR measured only within and relative to the Universe of Stocks that you choose, i.e. Large Caps, Mid Caps, etc.?
Or is a stock's "Peer Group" that it is measured by, the Index, the Sector or the Industry that it is within?