Date	S&P500	RSG	BA	T-bill Rate	Hang Seng Index
31-Jan-17	1.79%	0.58%	4.97%	0.04%	6.18%
28-Feb-17	3.72%	7.96%	11.16%	0.04%	1.63%
31-Mar-17	-0.04%	1.90%	-1.87%	0.03%	1.56%
28-Apr-17	0.91%	0.29%	4.51%	0.05%	2.09%
31-May-17	1.16%	0.98%	2.28%	0.06%	4.25%
30-Jun-17	0.48%	0.69%	5.39%	0.06%	0.41%
31-Jul-17	1.93%	0.77%	22.61%	0.07%	6.05%
31-Aug-17	0.05%	1.59%	-0.57%	0.09%	2.37%
29-Sep-17	1.93%	1.79%	6.07%	0.09%	-1.49%
31-Oct-17	2.22%	-1.50%	1.48%	0.09%	2.51%
30-Nov-17	2.81%	-0.20%	7.85%	0.08%	3.30%
29-Dec-17	0.98%	4.64%	6.54%	0.09%	2.54%

Estimate the Sharpe ratio of S&P 500 and Hang Seng Index. Use the average U.S. Treasury bill rate as the estimate of the riskfree rate. b) Some financial analysts in Hong Kong argue that we should completely avoid the Hong Kong stock market and invest only in the U.S. stock market. Do you agree? Use data and what you have learned in the course to support your answer.