Active Share (+ Idiosyncratic Risks)

CFA Level III Equities
#1

Can you think of Active Share as being synonymous with idiosyncratic risks? In other words, can you say Active Risk is composed of 1) factor bets and 2) idiosyncratic risks/active share?

Or is it best to think of Active Share and Active Risk as separate but related topics?

Thanks for any thoughts!

#2

Separate but related.

It’s possible to have high active risk and low active share and vice versa.

#3

Got it, thanks @S2000magician