Assume the CAPM holds and all assets are in equilibrium. Security A has a higher standard deviation of returns than Security B. Which of the following statements CAN BE true?

[I] Security A has a larger alpha than Security B.

[II] The likely range of returns for Security A in a given year would be higher than the likely range of returns for Security B.

[III] The Sharpe ratio of A will be higher than the Sharpe ratio of B.