Annual real rate of return
Large-cap common stocks	6.5%
Small-cap common stocks	8.6%
Bonds issued by corporations	3.6%
T-bonds	2.8%
T-bills	1.03%

Assume that inflation rate is 2.50% per year.

Generally speaking, which one of the following statements is not true?

A)	Treasury bonds on average tends to have lower default risk than bonds issued by corporations, therefore Treasury bonds have lower average return than bonds issued by corporations.

B)	Stock returns tends to have greater standard deviations compared to bond returns, therefore stocks on average have higher returns than bonds.

C)	T-bills has longer time to maturity than T-bonds, therefore T-bills have lower average return than T-bonds.

D)	Small-cap stocks on average tends to be more volatile than large-cap stocks, therefore small-cap stocks have a higher average return.