Which is an incorrect statement?

A. The appropriate performance measure for a fund of funds is the Treynor ratio.

B. The appropriate performance measure for entire-wealth portfolios is the Sharpe ratio.

C. The residual standard deviation of the Fama-French three factor model is almost always larger than the residual standard deviation of the single index model.

D. A simple but very useful way to evaluate fund managers is based on comparison universe. First, form a comparison universe of funds which show common risk characteristics. The returns of individual funds during the evaluation period are measured, then ranked. Based on the percentile distribution obtained, the fund manager of interest is compared with the universe (group) median and other references such as a broad market index.