Which of the following statements about Jensen's measure are correct?

I. Through its use of the capital asset pricing model, Jensen's measure automatically adjusts for market return.

II. In general, the higher the Jensen's measure, the better a portfolio has performed.

III. Jensen's measure is referred to as alpha.

IV. A positive Jensen's measure indicates that an investment has underperformed the market on a risk-adjusted basis

Group of answer choices

I and IV only

I, II and III only

II and III only

I, III and IV only