Niki$$ Malone's portfolio earned a return of $11\mathrm{.}2\%$ during the year just ended. The$$ portfolio's standard deviation of return was $14\mathrm{.}8\%.$ The$$ risk$-$free rate is currently $5\mathrm{.}8\%.$ During the$$ year, the return on the market portfolio was $9\mathrm{.}9\%$ and its standard deviation was $10\mathrm{.}4\%.$

a$.$Calculate$$ Sharpe's measure for Niki$$ Malone's portfolio for the year just ended.

b$.$Compare the performance of$$ Niki's portfolio found in part a to that of Hector$$ Smith's portfolio, which has a$$ Sharpe's measure of $0\mathrm{.}453.$ Which portfolio performed$$ better? $$ Why?

c$.$Calculate$$ Sharpe's measure for the market portfolio for the year just ended.

d$.$Use your findings in parts a and c to discuss the performance of$$ Niki's portfolio relative to the market during the year just ended.