Example: Risk-adjusted performance appraisal measures The data in the table below has been collected to appraise the performance of four asset management firms: Performance Appraisal Data Return Beta Standard deviation Fund 1 6.45% 0.88 2.74% Fund 2 8.96% 1.02 4.54% Fund 3 9.44% 1.36 3.72% Fund 4 5.82% 0.80 2.64% Market Index 7.60% 1.00 2.80% The risk-free rate of return for the relevant period was 3%. Calculate and rank the funds using ex post alpha, Treynor measure, Sharpe ratio