Given the performance of 4 mutual funds and S&P500 over the past 15 years in table below:

Return and Risk data for 4 equity mutual funds and the market over the past 15 years

Mutual Fund	Average R eturn %	Standard Deviation %	Beta	R2
1	15.86	22.85	1.46	.64
2	18.10	13.44	0.96	.79
3	22.09	17.27	1.24	.79
4	18.39	11.82	0.60	.39
S&P 500	16.35	12.44	1.0	1.0

And assuming that current and average of past 15 years risk free rate is 7.96 %, and using a market risk premium of 8.39% (16.35 -7.96) for the 15 year period, estimate:

Sharpe ratios of all 4 funds and S&P 500. Which fund has the highest risk adjusted performance according to Sharpe measure? Which of the above funds have beaten the market?

Treynor of all 4 funds and S&P 500. Which fund has the highest risk adjusted performance according to Treynor measure? Which of the above funds have beaten the market according to Treynor measure?

Estimate Jensen