andard deviation, and CAPM beta estimates for these two managers over the past five years: dditionally, your estimate for the risk premium for the market portfolio is 5.00 percent and the risk-free rate is currently 4.50 percent. Manager Y, calculate the expected return using the CAPM. Answer in percent. Manager Z, calculate the expected return using the CAPM. Answer in percent. alculate Y 's average "alpha" over the five-year holding period. Answer in percent. alculate Z's average "alpha" over the five-year holding period. Answer in percent hich manager outperformed the other on a risk-adjusted basis