above the risk$-$free rate $-$ so investments with returns equal to the risk$-$free rate will have a $-$ Select$-$ uarr Sharpe ratio. It follows that over a given time period, investn $-$Select$-$ Sharpe Atios performed better, because they generated $-$ Select$-)($ excess returns per unit of risk. The Sharpe ratio is calculated as:

Sharpe ratio Return $-$ Risk$-$free rate