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In this paper, we have developed measures of evaluating portfolio-performance based on LPM (Lower-Partial-Moment). The three traditional measures by Treynor, Sharpe, and Jensen are based on the Mean-Variance (M-V) rule, which is valid only when the distribution of asset returns is characterized by spherical symmetry to which class normal and similar distributions belong. But, Bawa has proved that the M-LPM2 (Mean- LPM of 2nd Order) rule can be used as a reasonable approximation of the optimal rule for the entire class of return distribution. Risk from the LPM perspective is measured by taking into account only those states in which return is below a pre-specified "target rate", like risk-free rate, and capturing the extent to which it is below. We also provide a new way to evaluate the performance of a portfolio, which is similar to the M2 [Modigliani-Modigliani] approach, but differs from it in an important way.