How does the combined portfolio's 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
1/31/95	2899.556	141.291	1338.46	1214.883		1.59	31.38	98.95
2/28/95	2929.582	134.043	1245.031	1263.074		1.58	31.43	96.70
3/31/95	3056.631	128.94	1214.956	1297.222		1.63	31.42	86.40
4/28/95	3137.224	122.491	1239.323	1338.256		1.61	31.43	84.02
5/31/95	3252.087	127.446	1171.285	1390.833		1.59	31.43	84.65
6/30/95	3250.949	123.185	1118.853	1425.372		1.59	31.40	84.90
7/31/95	3413.027	128.387	1252.756	1474.114		1.60	31.42	88.04
8/31/95	3442.366	125.496	1337.917	1474.553		1.55	31.86	97.95
9/29/95	3471.188	129.816	1359.088	1541.034		1.58	33.93	98.65
10/31/95	3478.098	127.447	1330.011	1540.647		1.58	34.20	102.25
11/30/95	3609.877	111.147	1399.061	1608.724		1.53	34.90	101.53
12/29/95	3650.553	116.583	1494.304	1633.386		1.55	35.17	103.16
1/31/96	3745.326	109.183	1528.598	1692.017		1.51	36.44	106.92
2/29/96	3726.851	126.905	1477.059	1709.998		1.53	34.68	105.17
3/29/96	3717.042	126.088	1553.068	1727.687		1.53	34.10	106.80
4/30/96	3854.979	144.424	1610.12	1753.61		1.50	34.75	104.76
5/31/96	3777.108	140.132	1576.205	1800.809		1.55	35.03	108.10
6/28/96	3744.553	146.717	1607.958	1811.811		1.55	35.23	109.69
7/31/96	3762.572	135.834	1494.685	1732.479		1.56	35.55	106.73
8/30/96	3942.559	133.565	1453.148	1771.655		1.56	35.67	108.60
9/30/96	4032.79	122.728	1542.095	1871.283		1.56	35.65	111.38
10/31/96	4055.275	119.895	1469.363	1919.512		1.63	35.60	113.74
11/29/96	4153.983	109.676	1498.363	2064.995		1.68	35.72	113.80
12/31/96	4220.072	116.191	1422.796	2026.293		1.71	35.83	116.07
1/31/97	4374.154	126.857	1326.341	2165.497		1.60	35.88	121.40
2/28/97	4430.875	135.633	1349.569	2181.224		1.63	35.88	120.69
3/31/97	4449.038	124.659	1339.03	2084.009		1.64	35.88	123.81
4/30/97	4585.012	139.999	1422.523	2221.712		1.62	35.76	126.91
5/30/97	4755.338	138.326	1450.621	2347.995		1.64	35.78	116.53
6/30/97	4739.522	159.743	1531.123	2455.442		1.66	35.80	114.43
7/31/97	5042.485	161.938	1536.163	2650.06		1.64	35.70	118.40
8/29/97	5008.128	146.959	1425.515	2493.214		1.62	36.33	120.29
9/30/97	5464.019	148.869	1409.284	2623.869		1.62	36.17	120.73
10/31/97	5063.855	144.579	1273.325	2552.82		1.68	36.37	120.27
11/28/97	5064.927	136.864	1268.449	2676.92		1.68	38.59	127.63
12/31/97	5382.095	141.501	1218.542	2716.982		1.65	39.21	130.03
1/30/98	5679.298	125.561	1294.529	2752.48		1.64	38.82	126.80
2/27/98	6030.788	140.684	1296.636	2946.083		1.65	39.35	126.33
3/31/98	6242.975	151.439	1275.809	3099.36		1.67	39.48	133.36
4/30/98	6266.101	155.512	1259.157	3136.193		1.67	39.72	132.13
5/29/98	6187.617	144.591	1248.095	3073.75		1.63	41.68	138.57
6/30/98	6140.592	128.729	1267.823	3206.355		1.67	42.38	138.79
7/31/98	6137.441	127.842	1301.759	3175.11		1.64	42.54	144.38
8/31/98	5561.776	117.113	1128.022	2733.618		1.67	42.52	141.19
9/30/98	5368.594	122.519	1058.016	2913.732		1.70	42.40	136.12
10/30/98	5779.992	113.152	1057.83	3139.696		1.67	42.36	116.53
11/30/98	6126.318	111.694	1167.041	3353.374		1.65	42.58	122.92
12/31/98	6269.945	120.785	1112.586	3551.723		1.66	42.50	112.80
1/29/99	6284.257	135.231	1155.413	3705.311		1.64	42.51	116.28
2/26/99	6587.36	131.226	1153.275	3601.942		1.60	42.68	118.65
3/31/99	6741.015	152.412	1310.989	3751.828		1.61	42.43	118.43
4/30/99	7020.339	134.573	1376.682	3887.652		1.61	42.78	119.37
5/31/99	6659.747	160.1	1325.721	3797.28		1.60	42.85	121.80
6/30/99	6791.614	168.674	1442.388	4001.631		1.58	43.36	121.04
7/30/99	6708.595	186.897	1504.329	3872.025		1.62	43.31	114.77
8/31/99	6732.499	205.004	1427.351	3847.674		1.61	43.47	109.65
9/30/99	6467.389	205.475	1470.286	3733.527		1.65	43.60	106.47
10/29/99	6680.528	190.035	1503.093	3977.809		1.64	43.39	104.36
11/30/99	6967.644	202.028	1535.035	4063.205		1.59	43.42	102.19
12/31/99	7278.267	231.729	1633.177	4346.659		1.61	43.52	102.36
1/31/00	6574.392	257.305	1634.197	4113.942		1.62	43.63	107.05
2/29/00	6537.008	304.303	1633.779	4016.239		1.58	43.61	109.86
3/31/00	6945.474	273.027	1651.31	4417.244		1.60	43.61	102.57
4/28/00	6785.712	230.395	1609.341	4274.448		1.56	43.66	108.08
5/31/00	6863.879	207.326	1521.937	4161.501		1.49	44.58	107.68
6/30/00	6840.22	229.938	1598.484	4261.432		1.51	44.67	105.81
7/31/00	6961.156	206.62	1465.029	4185.351		1.50	45.02	109.58
8/31/00	7241.543	219.381	1518.192	4403.062		1.45	45.77	106.64
9/29/00	6931.023	196.615	1462.134	4163.637		1.48	46.04	108.06
10/31/00	7107.237	182.912	1391.914	4134.069		1.45	46.84	109.19
11/30/00	6852.097	196.266	1353.618	3807.643		1.42	46.86	110.78
12/29/00	6947.111	194.523	1310.772	3801.778		1.49	46.68	114.20
1/31/01	6985.616	210.337	1318.846	3940.799		1.46	46.40	116.29
2/28/01	6608.616	203.383	1270.496	3588.647		1.44	46.56	117.30
3/30/01	6401.697	167.825	1318.18	3359.872		1.42	46.63	125.32
4/30/01	6759.846	164.755	1387.748	3621.65		1.43	46.83	123.54
5/31/01	6581.894	172.05	1331.59	3643.445		1.42	47.01	118.82
6/29/01	6421.95	163.262	1314.505	3560.065		1.41	47.04	124.72
7/31/01	6343.506	158.224	1218.181	3526.865		1.43	47.13	124.89
8/31/01	6173.8	156.053	1131.797	3292.648		1.45	47.14	119.01
9/28/01	5692.083	136.363	1027.913	3040.927		1.47	47.85	119.13
10/31/01	5863.382	145.916	1053.975	3085.453		1.45	47.99	122.41
11/30/01	6109.881	160.656	1071.623	3323.252		1.43	47.93	123.12
12/31/01	6128.736	161.854	1063.79	3344.37		1.46	48.22	131.06
1/31/02	6045.46	165.698	1000.843	3297.208		1.41	48.51	133.78
2/28/02	6011.402	176.936	1042.813	3232.827		1.41	48.73	133.83
3/29/02	6247.202	176.11	1092.993	3353.375		1.42	48.78	132.54
4/30/02	6123.92	168.841	1120.539	3135.884		1.46	48.93	128.40
5/31/02	5999.713	158.492	1150.581	3112.559		1.46	49.01	124.11
6/28/02	5515.976	162.775	1053.359	2875.354		1.52	48.86	119.86
7/31/02	5019.837	150.605	979.375	2668.65		1.56	48.64	119.76
8/30/02	5016.476	159.435	959.333	2681.354		1.55	48.47	118.57
9/30/02	4423.718	151.317	941.684	2378.786		1.57	48.35	121.74
10/31/02	4795.224	151.109	881.707	2594.869		1.56	48.34	122.51
11/29/02	4966.373	166.727	917.508	2751.065		1.56	48.31	122.52
12/31/02	4696.505	174.428	865.828	2584.929		1.61	47.95	118.67
1/31/03	4275.518	166.723	839.638	2522.505		1.64	47.80	119.94
2/28/03	4389.849	168.615	832.512	2484.112		1.58	47.67	118.23
3/31/03	4370.199	155.376	798.153	2507.246		1.58	47.46	118.58
4/30/03	4771.652	148.222	796.471	2716.722		1.60	47.35	119.26
5/30/03	4940.593	159.203	837.59	2862.49		1.64	47.02	119.61
6/30/03	4947.302	179.807	902.904	2897.97		1.65	46.47	120.08
7/31/03	5110.375	190.756	943.229	2951.784		1.61	46.14	120.55
8/29/03	5157.997	213.977	1009.207	3007.171		1.58	45.84	116.68
9/30/03	5084.327	225.913	1023.93	2972.457		1.66	45.76	111.72
10/31/03	5315.974	247.187	1053.74	3142.133		1.70	45.32	109.94
11/28/03	5401.001	255.749	1017.367	3172.555		1.72	45.77	109.52
12/31/03	5577.709	296.03	1064.608	3337.41		1.79	45.63	107.17
1/30/04	5468.748	286.782	1070.521	3397.874		1.82	45.30	105.85
2/27/04	5609.266	282.831	1101.78	3439.102		1.86	45.24	109.26
3/31/04	5531.214	277.862	1190.334	3384.481		1.84	43.42	104.04
4/30/04	5691.986	279.908	1194.208	3332.517		1.77	44.47	110.36
5/31/04	5625.532	240.699	1154.091	3376.846		1.83	45.39	110.53
6/30/04	5688.452	244.726	1200.756	3440.639		1.81	45.98	109.12
7/30/04	5616.546	264.485	1153.801	3323.49		1.82	46.38	111.46
8/31/04	5709.96	264.232	1144.34	3340.507		1.80	46.35	109.75
9/30/04	5859.103	284.551	1122.521	3377.187		1.81	46.00	110.22
10/29/04	5927.326	291.082	1109.844	3428.833		1.83	45.37	106.19
11/30/04	6049.217	320.387	1126.226	3569.833		1.91	44.49	102.80
12/31/04	6218.583	335.934	1180.28	3694.97		1.92	43.47	102.47
1/31/05	6284.701	331.428	1163.956	3603.494		1.89	43.66	103.46
2/28/05	6454.215	340.14	1197.487	3678.646		1.93	43.60	104.29
3/31/05	6403.863	329.427	1203.296	3619.894		1.89	43.67	106.96
4/29/05	6269.168	310.935	1149.926	3554.49		1.91	43.53	104.92
5/31/05	6507.416	340.108	1170.526	3670.69		1.82	43.75	107.78
6/30/05	6721.942	367.289	1202.323	3679.889		1.79	43.48	110.81
7/29/05	6933.462	387.629	1228.384	3818.157		1.76	43.44	112.10
8/31/05	6990.436	394.819	1302.61	3782.703		1.80	44.09	111.14
9/30/05	7232.391	432.231	1466.181	3815.117		1.77	43.97	113.34
10/31/05	7007.591	398.23	1487.788	3752.529		1.77	45.11	116.41
11/30/05	7201.33	445.231	1594.617	3904.158		1.73	45.90	119.66
12/30/05	7467.672	478.52	1707.901	3906.351		1.72	45.01	118.03
1/31/06	7642.97	504.625	1779.351	4012.973		1.78	44.13	117.07
2/28/06	7706.75	520.133	1745.599	4017.045		1.75	44.37	115.83
3/31/06	8004.083	574.464	1823.74	4068.566		1.73	44.57	117.99
4/28/06	8091.31	599.31	1816.54	4122.201		1.82	44.92	114.20
5/31/06	7708.246	530.252	1672.416	4000.222		1.87	46.30	112.11
6/30/06	7876.838	538.138	1686.446	4004.709		1.85	46.04	114.32
7/31/06	7981.74	544.736	1678.877	4018.081		1.87	46.56	114.44
8/31/06	8025.103	595.737	1746.528	4115.145		1.90	46.54	117.29
9/29/06	8131.039	634.172	1729.859	4219.909		1.87	45.93	118.07
10/31/06	8361.092	663.11	1746.41	4364.118		1.91	45.03	117.16
11/30/06	8305.127	696.389	1736.297	4450.719		1.97	44.73	115.66
12/29/06	8559.117	710.544	1833.354	4504.774		1.96	44.26	119.16
1/31/07	8544.666	727.055	1876.877	4586.413		1.96	44.16	120.96
2/28/07	8522.814	665.984	1912.454	4502.528		1.96	44.28	118.49
3/30/07	8798.409	674.362	1881.379	4551.226		1.96	43.47	118.08
4/30/07	9011.432	716.487	1867.151	4746.318		2.00	41.19	119.51
5/31/07	9266.086	755.371	1934.332	4912.532		1.98	40.61	121.82
6/29/07	9254.193	763.598	1955.131	4830.393		2.01	40.73	123.50
7/31/07	8908.333	804.313	1881.992	4680.877		2.03	40.38	119.07
8/31/07	8899.647	788.559	1778.4	4751.956		2.02	40.88	115.92
9/28/07	9129.216	898.029	1805.965	4932.33		2.04	39.85	115.02
10/31/07	9492.735	1036.878	1803.331	5015.452		2.08	39.32	115.29
11/30/07	9074.908	1023.959	1703.348	4803.743		2.06	39.63	110.93
12/31/07	9121.188	1095.381	1647.648	4776.315		1.99	39.42	111.72
1/31/08	8317.478	937.346	1496.488	4486.439		1.99	39.38	106.33
2/29/08	8347.112	929.787	1475.366	4346.96		1.99	40.02	104.11
3/31/08	8174.459	814.045	1354.253	4330.946		1.99	40.12	99.54
4/30/08	8734.047	913.125	1525.273	4545.319		1.98	40.52	104.51
5/30/08	8701.487	859.943	1579.466	4617.845		1.98	42.46	105.57
6/30/08	8099.034	700.979	1477.995	4241.463		1.99	43.03	106.01
7/31/08	7803.245	740.238	1455.64	4192.954		1.98	42.58	108.09
8/29/08	8202.051	754.958	1403.441	4250.383		1.82	43.94	108.53
9/30/08	7146.857	658.585	1219.732	3860.514		1.78	46.97	106.17
10/31/08	6389.311	495.975	962.919	3200.304		1.62	49.45	98.35
11/28/08	6295.218	448.747	920.889	2964.17		1.53	50.09	95.25
12/31/08	6525.502	478.855	947.757	3002.604		1.44	48.72	90.65
1/30/09	6102.859	470.763	875.156	2757.992		1.44	48.88	89.81
2/27/09	5668.454	441.471	835.422	2475.326		1.43	51.14	97.85
3/31/09	5846.606	491.2	861.582	2687.434		1.43	50.74	98.77
4/30/09	6368.405	579.113	940.832	2945.475		1.48	50.04	98.39
5/29/09	6663.839	745.319	1006.884	3107.532		1.61	47.12	95.46
6/30/09	6441.986	741.342	1035.675	3114.565		1.65	47.91	96.49
7/31/09	6992.271	808.234	1065.554	3349.331		1.66	47.95	95.20
8/31/09	7506.291	814.048	1079.232	3465.82		1.63	48.83	92.77
9/30/09	7862.397	890.335	1024.195	3600.257		1.60	48.11	89.54
10/30/09	7726.843	834.338	1009.492	3530.52		1.65	46.97	90.52
11/30/09	7986.644	895.852	950.843	3740.563		1.64	46.52	86.15
12/31/09	8330.143	927.607	1035.538	3817.617		1.61	46.54	93.10
1/29/10	7990.897	871.593	1027.54	3683.695		1.60	46.17	90.66
2/26/10	8289.264	882.12	1018.549	3797.381		1.52	46.11	88.87
3/31/10	8815.725	938.353	1125.122	4024.789		1.52	44.90	93.44
4/30/10	8638.324	944.577	1130.25	4089.279		1.53	44.36	94.01
5/31/10	8110.604	908.41	1005.978	3759.572		1.45	46.37	91.04
6/30/10	7701.083	949.014	958.263	3559.653		1.50	46.45	88.49
7/30/10	8249.703	955.082	971.878	3808.436		1.57	46.41	86.66
8/31/10	8240.4	954.224	920.219	3639.268		1.54	47.04	83.97
9/30/10	8757.922	1059.927	957.961	3970.138		1.58	44.94	83.54
10/29/10	8972.445	1064.916	942.515	4126.484		1.60	44.43	80.55
11/30/10	8758.875	1028.081	1000.809	4131.084		1.56	45.89	83.77
12/31/10	9348.342	1078.059	1042.85	4407.359		1.57	44.72	81.11
1/31/11	9317.982	962.314	1054.798	4513.031		1.60	45.91	81.93
2/28/11	9572.419	932.053	1102.924	4664.337		1.63	45.27	81.93
3/31/11	9476.548	1020.236	1013.952	4669.889		1.60	44.60	82.88
4/29/11	9751.993	1000.984	996.29	4812.786		1.67	44.22	81.14
5/31/11	9667.729	976.68	981.294	4760.617		1.65	45.05	81.24
6/30/11	9626.244	986.389	989.821	4679.897		1.61	44.70	80.76
7/29/11	9421.197	952.745	979.603	4588.744		1.64	44.19	77.19
8/31/11	8804.445	870.213	891.608	4334.932		1.63	46.05	76.47
9/30/11	8394.275	865.174	884.513	4023.147		1.56	48.98	77.08
10/31/11	9078.158	933.889	892.582	4465.154		1.61	48.70	77.98
11/30/11	9065.032	841.356	849.44	4452.911		1.57	52.21	77.63
12/30/11	9180.851	804.494	848.934	4495.07		1.55	53.11	76.94
1/31/12	9360.737	906.175	879.358	4706.759		1.58	49.45	76.25
2/29/12	9729.937	941.484	980.581	4914.136		1.60	49.01	80.94
3/30/12	9612.053	926.516	1011.064	5071.5		1.60	50.95	82.30
4/30/12	9578.965	913.078	949.639	5040.928		1.62	52.70	79.85
5/31/12	8947.644	860.153	849.399	4731.22		1.54	56.16	78.42
6/29/12	9403.738	918.625	908.793	4918.302		1.57	55.84	79.79
7/31/12	9523.818	911.133	868.304	4984.978		1.57	55.62	78.10
8/31/12	9712.458	921.564	864.231	5101.984		1.59	55.63	78.30
9/28/12	9778.643	1001.677	879.32	5232.081		1.61	52.75	77.80
10/31/12	9863.805	982.854	886.472	5137.66		1.61	53.80	79.93
11/30/12	10057.136	1038.209	936.365	5171.124		1.60	54.40	82.47
12/31/12	10120.616	1045.557	1033.824	5220.28		1.63	54.79	86.47
1/31/13	10778.025	1065.88	1131.221	5496.521		1.59	53.19	91.26
2/28/13	10976.937	1010.297	1174.136	5567.152		1.52	54.41	92.26
3/29/13	11103.829	1010.688	1255.709	5776.561		1.52	54.35	94.02
4/30/13	11166.849	1043.751	1415.122	5890.806		1.56	53.88	97.41
5/31/13	11478.768	1062.079	1383.879	6014.938		1.52	56.49	100.98
6/28/13	10877.84	1043.14	1385.295	5934.743		1.52	59.43	99.34
7/31/13	11599.569	1037.719	1379.902	6246.996		1.52	60.81	98.36
8/30/13	11320.552	1006.393	1346.945	6074.659		1.55	66.07	98.12
9/30/13	11416.221	1041.258	1460.298	6275.866		1.62	62.61	98.13
10/31/13	11910.181	1130.055	1460.085	6554.5		1.61	61.46	98.11
11/29/13	11800.491	1110.1	1546.127	6741.446		1.64	62.49	102.37
12/31/13	11990.043	1135.149	1600.362	6922.497		1.66	61.86	105.11
1/31/14	11564.389	1106.173	1492.955	6687.485		1.64	62.66	101.99
2/28/14	12137.862	1131.761	1486.186	7001.931		1.68	61.98	102.07
3/31/14	11814.172	1185.476	1482.299	7050.019		1.67	59.72	102.99
4/30/14	12193.274	1183.996	1432.345	7092.383		1.69	60.32	102.15
5/30/14	12375.23	1271.018	1484.585	7261.646		1.68	59.09	101.75
6/30/14	12217.41	1345.087	1555.671	7417.225		1.71	60.15	101.31
7/31/14	12217.011	1369.939	1588.322	7312.88		1.69	60.52	102.84
8/29/14	12467.089	1408.763	1569.766	7606.392		1.66	60.68	103.89
9/30/14	12106.222	1413.516	1647.61	7487.563		1.62	61.76	109.70
10/31/14	11979.759	1460.821	1661.884	7668.259		1.60	61.40	112.11
11/28/14	12333.904	1500.038	1764.895	7871.617		1.57	62.06	118.69
12/31/14	12054.275	1434.912	1757.625	7847.602		1.56	63.12	119.90
1/30/15	12387.993	1519.742	1762.232	7626.069		1.50	61.94	117.47
2/27/15	12795.725	1544.735	1902.356	8072.21		1.55	61.81	119.55
3/31/15	12541.664	1499.37	1939.908	7955.685		1.48	62.58	119.93
4/30/15	12953.954	1422.224	2004.435	8028.432		1.54	63.52	119.67
5/29/15	13031.511	1470.552	2105.837	8135.421		1.53	63.87	124.10
6/30/15	12193.384	1470.574	2041.174	7981.335		1.57	63.68	122.37
7/31/15	12501.548	1506.986	2076.448	8140.837		1.56	64.12	123.90
8/31/15	11742.548	1425.162	1913.064	7646.982		1.54	66.48	121.19
9/30/15	11392.037	1413.67	1764.121	7444.467		1.51	65.64	119.77