GHI Corp. has the beta of 1.54. Currently, the risk-free rate is 3.15% and the Market rate of return is 10.8%. If GHI Corp.s actual returns were 14.12%, did GHI Corp.s shares underperform or overperform in light of the expected returns under CAPM?

GHI Corp.'s shares overperformed relative to its level of risk.

GHI Corp.'s shares performed in accordance with its level of risk.

GHI Corp.'s shares underperformed relative to its level of risk.

There is insufficient information to determine how GHI Corp.'s shares performed relative to its level of risk.