| Port1 | Port2 | Port3 | Port4 | Port5 | Port6 | Port7 | Port8 | Port9 | Port10 | High-Low |
excess return | −0.0003 | 0 | 0.0007 | 0.0018 | 0.0012 | 0.0006 | 0.0007 | −0.0015 | −0.0003 | −0.0029 | −0.0027 |
t-stats | −0.164 | 0.0301 | 0.7455 | 2.3702 | 2.27 | 0.8676 | 0.7921 | −1.8 | −0.2612 | −1.509 | −0.7944 |
ff3 alpha | −0.0005 | −0.0001 | 0.0005 | 0.0013 | 0.0009 | 0.0004 | 0.0008 | −0.0015 | 0.0001 | −0.0018 | −0.0013 |
t-stats | −0.3112 | −0.0694 | 0.4893 | 1.9604 | 1.7711 | 0.6008 | 0.9187 | −1.6993 | 0.0961 | −1.0727 | −0.4035 |