SuperX is a relative value arbitrage hedge fund. It has $11 billion total assets and its capital base is $2 billion, which implies a leverage ratio of 5.5.

SuperY is a global macro hedge fund. It has $4.8 billion total assets and its capital base is $3 billion, which implies a leverage ratio of 1.6.

The summary statistics of the monthly returns of SuperX and SuperY over the past 10 years are displayed in the table below:

	Average Return	Standard Deviation	Skewness	Kurtosis	Sharpe Ratio
SuperX	0.97 %	1.02%	-0.75	11.80	0.63
SuperY	1.2%	2.3%	0.3	0.6	0.38

According to the information provided, which one of the following statements is false?

a) SuperX generates more excess return per unit of standard deviation.

b) Sharpe ratio is not a good risk adjusted performance measure for SuperX

c) SuperX has a smaller exposure to downside risk compared to SuperY.

d) The return of SuperY is upward biased.