The accompanying table shows a portion of the annual returns (in %) for a technology mutual fund and an energy mutual fund from 1982 through 2018.

Year	Technology	Energy
1982	56.45	-11.75
1983	52.21	19.81
1984	-16.15	2.64
1985	8.24	17.57
1986	-8.04	6.19
1987	-11.61	-1.08
1988	-2.66	15.80
1989	17.25	42.61
1990	10.38	-4.54
1991	58.97	-0.47
1992	9.00	-1.85
1993	28.20	19.27
1994	11.75	0.56
1995	44.31	21.65
1996	16.07	32.02
1997	10.80	10.25
1998	74.67	-14.68
1999	132.41	34.20
2000	-32.40	32.48
2001	-31.46	-12.53
2002	-37.99	-10.93
2003	59.02	22.43
2004	1.09	31.38
2005	4.58	52.43
2006	6.95	14.24
2007	19.51	45.58
2008	-50.86	-53.26
2009	90.77	47.50
2010	26.53	19.34
2011	-8.93	-4.34
2012	17.34	4.07
2013	31.15	24.37
2014	11.10	-12.41
2015	7.30	-20.00
2016	11.88	33.94
2017	49.96	-3.03
2018	-9.39	-24.61

Which fund had the higher reward over this time period?

b. Which fund was riskier over this time period?

c-1. Given a risk-free rate of 2%, calculate the Sharpe ratio for each fund? What does this ratio imply. (Round intermediate calculations to at least 4 decimal places and final answers to 2 decimal places.)

Sharpe ratio for Technology
Sharpe ratio for Energy

c-2. Over this time period, the Sharpe ratio implies that the:

multiple choice

• Technology fund had a higher reward per unit of risk.

• Energy fund had a higher reward per unit of risk.

• Technology fund had the higher relative dispersion.

• Energy fund had the lower relative dispersion.