Show your Excel formulas and implications behind the result: Annual Returns Based on Book Value-to-Market Value Based on Market Capitalization Based on past year performance (t-2 to t-12 months) High (Value) Low (Growth) High-Low Small Big Small-Big Up Down Up-Down Year Market Riskfree H L HML S B SMB U D UMD 2015 0.09% 0.02% -8.79% 0.74% -9.53% -5.22% -1.29% -3.93% 3.28% -17.34% 20.61% 2016 13.50% 0.20% 31.26% 8.62% 22.64% 22.77% 16.14% 6.63% 8.40% 29.74% -21.35% 2017 22.31% 0.80% 13.78% 27.25% -13.48% 16.06% 21.01% -4.95% 21.85% 17.23% 4.61% 2018 -5.12% 1.81% -13.70% -3.90% -9.80% -10.48% -7.14% -3.34% -4.24% -13.99% 9.75% 2019 30.42% 2.14% 21.35% 31.84% -10.48% 23.57% 29.63% -6.06% 26.44% 28.25% -1.80% 2020 24.11% 0.44% 0.25% 46.85% -46.60% 24.21% 11.32% 12.89% 30.88% 23.11% 7.77% 2021 23.61% 0.04% 39.41% 14.08% 25.33% 23.58% 27.38% -3.80% 21.04% 23.36% -2.32% Suppose you cannot short sell and can only invest in the long portfolio of each strategy. Calculate the Sharpe measure and Jensen measure for S, H, and U. Do the strategies outperform the market portfolio according to these measures?