11.0 You are evaluating the performance of two portfolio managers, and you have gathered annual return data for the past decade: X Year Manager X Return (%) Manager Y Return (%) 1 -2,5 -4.0 2 -2.5 -3.5 3 -2.5 -2.5 4 -0.5 1.5 S 0.0 3.0 6 3.0 5.0 7 6.5 5.5 8 8.0 7.5 9 9.5 10 13.5 12.0 a. For each manager, calculate (1) the average annual return, (2) the standard deviation of returns, and (3) the sem deviation of returns. Do not round intermediate calculations. Round your answers to two decimal places. Average annual return Standard deviation of returns Semi-deviation of returns Manager x Manager 90 b. Assuming that the average annual risk-free rate during the 10 year sample period was 2.5%, calculate the Sharpe ratio forach portfolio Based on these computation which manager appears to have performed the best? Do not round Intermediate calculations. Round your answers to the decimal places Sharpe ratio (Manager X): Sharpe ratio (Manager Y): Based on Sharpe ratio Selecta has performed the best. c. Calculate the Sortino ratio for each portfolio, using the average risk-free rate as the minimum acceptable return threshold. Based on these computations, which manager appears to have performed the best? Do not round intermediate calculations, Round your answers to three decimale Sortino ratio (Manager X) Sortino ratio (Manager Y): Based on Sortino ratio Escort has performed the best d. When would you expect the Sharpe and Sortino measures to provide (1) the same performance ranking, or (2) different performance rankings> The Sharpe and Sortino measures should provide the same performance ranking when the return distributions are for the funds or managers under consideration. The performance rankings should differ when the return distributions are cres