6. An analyst wants to evaluate portfolio X and Y. The following table provides the average annual rate of return and risk measures for both portfolios and the market portfolio (as measured by the S&P 500). The annual risk-free rate is 3%. Portfolio X Portfolio Y S&P 500 Average return 10% 12% 11.5% Standard deviation 18% 15% 12% Beta 0.8 1.1 (a) Calculate the Sharpe ratio, Treynor measure and Jensen's alpha for both portfolios X and Y. (b) Calculate the M measure for both portfolios X and Y. (c) On the basis of the performance of portfolio X relative to portfolio Y calculated in part (a), briefly explain the reason for the conflicting results when using the Treynor measure versus the Sharpe ratio.