Risk-free rate is 1%. An actively managed portfolio P has expected return 8%. The S&P 500 Index has expected return of 13% over the same period. Beta of fund P is 0.8, based on the index model regression. Standard deviation of P is 20%, and that of the index is 25%.

	a.	Fund P beats the index based on Treynor measure
	b.	Fund P beats the index based on Sharpe ratio
	c.	Fund P beats the market based on the M2 measure
	d.	None of the above