How to calculate $R^2$ for LASSO (glmnet)

I am confused how to calculate r-squared for the glmnet fits (LASSO, elastic-net etc). One of the ways I have seen is through the cvm corresponding to one of lambdas:

cvfit2 <- glmnet::cv.glmnet(datam, fundm,alpha=1,nfolds=10)
cf<-coef(cvfit2, s = "lambda.1se")
i<-which(cvfit2$lambda == cvfit2$lambda.1se)
e<-cvfit2$cvm[i] r2<-1-e/var(fundm) r2 # 0.4571688 The classic way via calculating the variance of the residuals: datam2<-as.matrix(datam) cc2<-as.matrix(cf[-1,]) #removing the intercept row predict<-datam2 %*% cc2 err<-predict - fundm View(err) r2b<-1-var(err)/var(fundm) r2b # 0.6100457 Quite a huge difference and I am not sure if the 1st way of calculating$R^2$is correct. My questions 1. What is the correct way of calculating r-squared? 2. A glmnet object has components dev.ratio and nulldev. From the glmnet docs: "The fraction of (null) deviance explained (for "elnet", this is the R-square)." Should we rather use dev.ratio for the purpose of$R^2$calculations? If yes, how to extract it for the given lambda index? The dev.ratio array has 100 values, but the cvfit2$lambda has only 88 values.

I am really confused and would appreciate your feedback.

r2 <- fit$glmnet.fit$dev.ratio[which(fitnet$glmnet.fit$lambda == fitnet$lambda.min)] or if you have chosen the lambda.1se r2 <- fit$glmnet.fit$dev.ratio[which(fitnet$glmnet.fit$lambda == fitnet$lambda.1se)]