Benchmark	Risk Free	Portfolio 1	Portfolio 2
4.14%	0.49%	-0.73%	6.83%
27.79%	0.32%	35.41%	27.22%
-24.11%	0.36%	-27.54%	5.95%
-7.66%	0.37%	-11.31%	-13.99%
-19.06%	0.38%	-25.03%	-9.22%
-23.13%	0.50%	-27.82%	-7.14%
10.67%	0.40%	10.18%	3.68%
3.09%	0.36%	8.83%	3.57%
5.85%	0.50%	4.28%	22.77%
21.63%	0.51%	33.45%	4.04%
33.56%	0.41%	30.26%	18.29%
22.18%	0.46%	32.19%	9.30%
0.79%	0.46%	3.57%	0.23%
20.01%	0.43%	16.04%	1.84%
-14.18%	0.38%	-17.14%	-1.14%
9.06%	0.37%	8.59%	25.72%
-17.49%	0.48%	-22.32%	-24.86%
30.36%	0.44%	28.10%	6.67%
20.01%	0.38%	23.86%	17.22%
17.58%	0.51%	13.66%	-1.29%
19.05%	0.35%	22.22%	0.73%
5.03%	0.34%	6.01%	9.89%
10.72%	0.44%	8.01%	23.45%
15.95%	0.47%	17.78%	15.60%
21.57%	0.41%	21.07%	1.63%
25.31%	0.48%	22.87%	-2.92%
19.31%	0.47%	23.80%	28.89%
30.30%	0.38%	38.61%	13.50%

please answer question 3

2. Use the returns in the tab of the Chapter 13 Excel Outboxes.xls spreadsheet to compute the following measures for each of the three portfolios: mean, standard deviation, beta, shortfall probability, expected shortfall, lower partial moment of degree 2, downside risk, VaR at the 5 percent level, alpha, Treynor ratio, Sharpe ratio, Sortino ratio, and M-squared. The riskless rate is 5 percent. For all measures that require a threshold or target level of return, set that level at 0 percent. 3. Use the regression function in Excel's Data Analysis Toolpack and the data in Problem 2 to estimate alpha and beta for each of the active portfolios. (Note:The estimates may be slightly different than those computed directly in Problem 2 due to the degrees of freedom adjustment in the regression function.] Are the alphas statistically significant at the 95 percent confidence level? Are the betas of the two portfolios statistically different from 1 at the 95 percent confidence level? Are they statistically different from each other? 2. Use the returns in the tab of the Chapter 13 Excel Outboxes.xls spreadsheet to compute the following measures for each of the three portfolios: mean, standard deviation, beta, shortfall probability, expected shortfall, lower partial moment of degree 2, downside risk, VaR at the 5 percent level, alpha, Treynor ratio, Sharpe ratio, Sortino ratio, and M-squared. The riskless rate is 5 percent. For all measures that require a threshold or target level of return, set that level at 0 percent. 3. Use the regression function in Excel's Data Analysis Toolpack and the data in Problem 2 to estimate alpha and beta for each of the active portfolios. (Note:The estimates may be slightly different than those computed directly in Problem 2 due to the degrees of freedom adjustment in the regression function.] Are the alphas statistically significant at the 95 percent confidence level? Are the betas of the two portfolios statistically different from 1 at the 95 percent confidence level? Are they statistically different from each other