2. Portfolio P Q R S S&P 500 Risk and Return Data Average Return Standard Deviation 17.0% 20.0% 24.0% 18.0% 11.0% 10.0% 16.0% 14.0% 14.0% 12.0% Beta 1.10 2.10 0.50 1.50 1.00 A pension fund administrator wants to evaluate the performance of four portfolio managers. Each manager invests in only in US common stocks. During the most recent five-year period, the average annual return of the S&P 500 was 14% and the average annual rate of return for treasury bills was 8%. The table above shows risk and return measures for each portfolio. a. Which portfolio has the highest Sharpe ratio? b. Which portfolio has the highest Treynor ratio? c. Which portfolio has the highest Jensen Alpha? Provide complete calculations of each performance ratio