Can anyone explain the ratio to me? Eg 1.5:1
It's a ratio derived from the forward and reflected power's voltage squares.
SWR = (1+sqrt(Pr/Pf))/(1-sqrt(Pr/Pf))
Essentially it represents a percentage of the amount of transmitted power that is being reflected back at the radio. 1.3:1 = 2.5%, 1.57:1 = 5%, 2:1 = 12.5%, 3:1 = 25%, 5.8:1 = 50%
To expand on that a little bit, the transmitted power reflected back to the radio is not lost power.
All of your power, minus the losses in the coax, is radiated by the antenna. Initially, with a SWR greater than 1:1, a percentage of your power is reflected back down the coax, When it reaches the radio, that power is reflected back to the antenna, and a percentage of the reflected power is reflected back from the antenna. So, except for the resistive losses on the initial signal, and the subsequent reflections, everything else is transmitted.
An example might be with a transmitter with 5 watts output that is feeding an antenna with 50 feet of RG-8X coax. Even with a perfect match, the coax would present a initial loss of 0.776 dB (-0.818 Watts). However, if the match is not perfect, there will be some loss due to SWR. When the SWR is low (< 2:1), loss due to SWR is usually small and can often be ignored. If you again assume the the above scenario, a SWR of 1.5:1 would cause another 0.054 dB (-0.052 Watts) of loss, for an overall loss of 0.83 dB (-0.87 Watts). That would give you 4.13 W, at the antenna.
In the end, most of your loss is due to the coax, so you should always use the best coax possible. And, the coax should be as short as possible.
Martin - K7MEM