May I know why the answer is (c)?

A9. Which of the following statements is true? Elr)-rf B I. The CAPM alpha and the Treynor Ratio always rankinvestments identically. II. The CAPM alpha and the Sharpe Ratio always rank investments identically. X III. The Sharpe Ratio and M2 always rank investments identically. X money supply, a) I only b) II only and future inflation. X c) III only d) II and III e) None of the statements are true