Complex sentence: As a counter-example, a series of equal active returns has 0 standard deviation; however, the portfolio is not truly tracking the benchmark in this case-it is, in fact, increasingly diverging from its benchmark.
Split into simpler sentences: As a counter-example, a series of equal active returns has 0 standard deviation. However, the portfolio is not truly tracking the benchmark in this case; it is, in fact, increasingly diverging from its benchmark.