61 quarterly return data is provided for three assets: US Equities and Portfolio are provided. Calculate the active risk and active returns using the difference method only. The active return and active risk are:

a. No correct choice (answer) is provided

b. -0.04% and 2.48% per quarter

c. 1.67% and 9.75% per quarter

d. 1.71% and 9.24% per quarter

e. Not enough information is provided to calculate the correct answer.

Quarter 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 EM -0.64 -1.36 6.04 4.10 -3.69 -0.59 8.13 8.21 -9.40 -19.26 6.01 - 26.92 -24.86 16.54 11.72 21.83 -5.29 22.67 2.39 - 10.72 -13.93 -14.39 -7.10 5.82 - 25.05 24.04 10.46 -8.73 - 16.40 8.51 -5.52 21.67 13.13 15.41 9.88 - 10.50 9.13 14.52 3.23 3.37 16.10 7.05 13.10 -4.59 3.68 15.90 2.21 15.39 13.39 2.53 -10.76 -3.35 - 29.67 -31.94 2.70 29.56 17.26 8.51 4.11 - 11.29 18.61 31 EAFE 4.16 4.05 2.92 1.64 -0.05 1.65 - 1.51 12.27 -0.64 -8.08 13.79 1.12 -15.26 18.85 1.45 2.58 4.36 15.75 -0.05 -3.98 -8.35 -2.65 -15.51 0.80 -16.66 7.54 1.01 - 2.23 -21.95 6.14 -7.55 16.80 9.89 13.91 5.60 -0.86 1.08 12.58 0.50 - -1.37 9.81 4.82 9.90 0.33 4.13 9.18 4.28 6.97 2.07 -2.31 -8.32 -4.53 -20.31 -23.16 -13.50 23.01 14.58 4.02 2.12 -16.72 16.48 US 7.67 5.67 6.44 3.74 2.27 7.28 1.13 15.84 8.96 1.66 12.88 2.35 - 16.28 22.68 3.83 7.53 -7.53 14.24 4.89 -2.01 -0.77 -8.96 - 14.47 8.81 - 18.01 11.50 0.90 - 16.35 -12.95 4.13 -1.93 14.63 4.81 9.53 2.84 -0.39 0.70 7.17 - 1.85 3.16 3.59 2.02 5.26 -1.31 3.36 7.27 1.54 6.45 1.82 -4.79 -6.55 -4.83 - 10.05 -25.26 -9.80 14.49 11.80 8.46 6.54 - 13.17 11.73 Portfolio 5.306 3.937 5.657 3.394 0.615 4.579 2.004 13.602 3.369 -4.470 11.685 -3.751 -17.790 20.686 4.932 9.397 -4.701 16.229 3.404 -4.145 -4.915 -8.785 - 13.205 6.611 - 19.149 13.217 2.835 - 12.001 - 15.439 5.411 -3.769 16.474 7.493 11.578 4.800 -2.508 2.460 9.722 -0.365 2.295 7.334 3.588 7.758 -1.636 3.582 9.382 2.219 8.343 4.181 -2.833 -7.747 -4.471 - 16.027 -26.177 -8.041 19.207 13.449 7.584 5.172 - 13.501 14.058 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 Quarter 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 EM -0.64 -1.36 6.04 4.10 -3.69 -0.59 8.13 8.21 -9.40 -19.26 6.01 - 26.92 -24.86 16.54 11.72 21.83 -5.29 22.67 2.39 - 10.72 -13.93 -14.39 -7.10 5.82 - 25.05 24.04 10.46 -8.73 - 16.40 8.51 -5.52 21.67 13.13 15.41 9.88 - 10.50 9.13 14.52 3.23 3.37 16.10 7.05 13.10 -4.59 3.68 15.90 2.21 15.39 13.39 2.53 -10.76 -3.35 - 29.67 -31.94 2.70 29.56 17.26 8.51 4.11 - 11.29 18.61 31 EAFE 4.16 4.05 2.92 1.64 -0.05 1.65 - 1.51 12.27 -0.64 -8.08 13.79 1.12 -15.26 18.85 1.45 2.58 4.36 15.75 -0.05 -3.98 -8.35 -2.65 -15.51 0.80 -16.66 7.54 1.01 - 2.23 -21.95 6.14 -7.55 16.80 9.89 13.91 5.60 -0.86 1.08 12.58 0.50 - -1.37 9.81 4.82 9.90 0.33 4.13 9.18 4.28 6.97 2.07 -2.31 -8.32 -4.53 -20.31 -23.16 -13.50 23.01 14.58 4.02 2.12 -16.72 16.48 US 7.67 5.67 6.44 3.74 2.27 7.28 1.13 15.84 8.96 1.66 12.88 2.35 - 16.28 22.68 3.83 7.53 -7.53 14.24 4.89 -2.01 -0.77 -8.96 - 14.47 8.81 - 18.01 11.50 0.90 - 16.35 -12.95 4.13 -1.93 14.63 4.81 9.53 2.84 -0.39 0.70 7.17 - 1.85 3.16 3.59 2.02 5.26 -1.31 3.36 7.27 1.54 6.45 1.82 -4.79 -6.55 -4.83 - 10.05 -25.26 -9.80 14.49 11.80 8.46 6.54 - 13.17 11.73 Portfolio 5.306 3.937 5.657 3.394 0.615 4.579 2.004 13.602 3.369 -4.470 11.685 -3.751 -17.790 20.686 4.932 9.397 -4.701 16.229 3.404 -4.145 -4.915 -8.785 - 13.205 6.611 - 19.149 13.217 2.835 - 12.001 - 15.439 5.411 -3.769 16.474 7.493 11.578 4.800 -2.508 2.460 9.722 -0.365 2.295 7.334 3.588 7.758 -1.636 3.582 9.382 2.219 8.343 4.181 -2.833 -7.747 -4.471 - 16.027 -26.177 -8.041 19.207 13.449 7.584 5.172 - 13.501 14.058 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61