How does the combined portfolios Sharpe ratio compare to the individual country returns? Explain the difference.

Local Currency Equity Inidices	UK - TOTAL RETURN INDEX	INDIA - TOTAL RETURN INDEX	JAPAN - TOTAL RETURN INDEX	US - TOTAL RETURN INDEX		US $ TO UK - EXCHANGE RATE	INDIAN RUPEE TO US $	JAPANESE YEN TO US $
		IR	Y	U$
12/31/93	3211.309	136.987	1317.999	1158.852		1.48	31.37	111.61
1/31/94	3312.09	159.709	1495.319	1201.082		1.50	31.37	109.01
2/28/94	3175.32	170.804	1494.229	1167.437		1.49	31.37	104.15
3/31/94	2965.908	151.802	1411.266	1117.015		1.48	31.37	102.75
4/29/94	3009.352	148.291	1453.487	1133.025		1.52	31.37	101.49
5/31/94	2860.594	150.126	1531.879	1152.004		1.51	31.37	104.66
6/30/94	2811.58	157.71	1515.297	1119.778		1.54	31.37	98.65
7/29/94	2976.054	162.387	1483.711	1157.778		1.54	31.37	100.18
8/31/94	3146.57	175.441	1493.991	1203.548		1.54	31.37	100.18
9/30/94	2924.286	165.623	1439.76	1178.293		1.58	31.36	98.97
10/31/94	2992.839	164.17	1449.225	1205.588		1.63	31.38	96.95
11/30/94	2982.594	158.765	1404.866	1164.663		1.57	31.40	98.95
12/30/94	2987.361	150.588	1432.944	1182.011		1.56	31.37	99.77