One of the simplest ways to measure risk in stocks, bonds, crypto, mfs etc for ordinary people is Maximum Drawdown. Once you understand how it works, it takes the stress out of making and managing your own portfolio P — espexially your non retirement account. The question you have to ask your self is: "Given some portfolio with returns of X%, am I ok with this asset being down by Z% over T years — i.e the _computed/inferred_ drawdown?" If the answer on one end is no I cannot afford P to have any drawdown at all, then just put your money in a cash/MMF and call it a day. Generally people are ok with some risk on some percent of P and stash the rest in cash, and you _risk adjust_ for Z and T. The portfolio choices are surprisingly simple.
No other question matters. There are some risks but the key element is the understanding of the statistical variance because that allows me to say that "ok 50% of P can afford to be down for 3 years and I won't be homeless".
Most people don't know this but most money managers(managing money for ordinary Americans) that you hire compute this number _once_ and make tiny adjustments to your portfolio(I am talking once a year maybe) and take 1-2%.
I follow this guy called Dave Stein who has a B2C product called money for the rest of us that taught me this. I am not affiliated with them in any way.