The return data for ARK Innovation ETF (ARKK) is used for the project. Here is some additional information about the fund and the market portfolio. ARKK Rm RE 1.520 0.089 Average Ret Std 3.945 9.061 4.582 Based on the information, we can conclude that during the evaluation period, the fund outperformed the market according to both the Sharpe Ratio and the M-squared measure. the fund under-performed the market according to both the Sharpe Ratio and the M-squared measure. the fund outperformed the market according to the Sharpe Ratio but under-performed the market according to the M-squared measure. the fund under-performed the market according to the Sharpe Ratio but under-performed the market portfolio according to the M-squared measure but under performed the market according M-squared measure