Port1

Port2

Port3

Port4

Port5

Port6

Port7

Port8

Port9

Port10

High-Low

excess return

−0.0006

−0.0004

0.001

0.0015

0.0007

0.0013

0.0008

−0.0001

−0.0003

−0.0038

−0.0032

t-stats

−0.3382

−0.3536

0.8891

1.9663

1.2633

1.8728

0.9352

−0.0829

−0.2229

−1.9602

−0.9049

ff3-alpha

−0.0004

−0.0005

0.0006

0.0011

0.0004

0.0009

0.0007

−0.0002

0.0001

−0.0025

−0.002

t-stats

−0.235

−0.4841

0.5709

1.4862

0.9096

1.4016

0.8125

−0.243

0.0483

−1.4328

−0.606