You have compiled the following expectations about returns on Australian banking stocks from the past 12-month.

Stock	Market Cap ($m)	Mean (%pa)	Std Dev (%pa)	Correlations
				WBC	CBA	NAB	ANZ
WBC	56	17	25	1
CBA	53	19	27	0.67	1
NAB	40	14	26	0.63	0.7	1
ANZ	34	17	23	0.70	0.68	0.68	1

During this period, the S&P/ASX 200 Financials index - has an increase of 15% with dividend yield on this market was 1.3% during the same time period. The standard deviation of total returns on the market was 24%

A corporate bond index generated a total return of 5% during the 12-month period, with a standard deviation of returns of 9%. The covariance of returns between the ASX 200 and the corporate bond index was 0.01.

Assume you choose a benchmark portfolio which holds 70% of its funds in the S&P/ASX 200 Financials index and 30% of its funds in corporate bonds.

You also held $20 million in corporate bonds, which generated a return of 7%, with a standard deviation of returns of 12%. The correlation of returns between your equity portfolio and your bond portfolio was 0.30.

Question

Assume that you have calculated the standard deviation for your banking stock portfolio is 21.12% and the 10-years Government bond yield is 3%. Evaluate the risk-adjusted performance of your entire portfolio relative to a benchmark portfolio and interpret your findings.