Consider the statements below:

1) The expected active return of a stock (also known as expected alpha) is how much, in percentage terms, the stock is expected to beat or trail the benchmark over the next year.

2) According to Grinold and Kahn, the range of expected active returns one can estimate using Quantitative Investing is relatively narrow (about -5% to 5% per year) in part because the correlation between active return forecasts and active return realizations is typically very low, like 0.05.

Is I & II True? Is I True & II False? Is I & II False? Is I False & II True?