In portfolio management, what does a negative Sharpe ratio indicate?

Question $5$Answer

a$.$

The portfolio has a high level of unsystematic risk.

b$.$

The portfolio is underperforming the risk$-$free rate of return.

c$.$

The portfolio is outperforming the risk$-$free rate of return.

d$.$

The portfolio's return is equal to the risk$-$free rate.