In Equity Portfolio Management, Tracking Error Occurs When

In equity portfolio management, tracking error occurs when

A) the managed portfolio outperforms the benchmark portfolio.
B) the managed portfolio under performs the benchmark portfolio.
C) the return volatility of the managed portfolio is not correlated with the return volatility of the benchmark portfolio.
D) the return volatility of the managed portfolio is positively correlated with the return volatility of the benchmark portfolio.
E) the return volatility of the managed portfolio is negatively correlated with the return volatility of the benchmark portfolio.