| Port1 | Port2 | Port3 | Port4 | Port5 | Port6 | Port7 | Port8 | Port9 | Port10 | High-Low |
excess return | 0.0005 | 0.001 | 0.0005 | 0.0007 | 0.0024 | 0.0021 | 0.0002 | −0.0001 | −0.0013 | −0.0059 | −0.0064 |
t-stats | 0.3197 | 0.7822 | 0.5857 | 0.9174 | 2.8793 | 3.0296 | 0.3003 | −0.0891 | −1.0039 | −2.6195 | −1.841 |
ff3-alpha | 0.0003 | 0.0003 | 0 | 0.0001 | 0.0019 | 0.0016 | 0.0001 | −0.0001 | −0.0005 | −0.0037 | −0.004 |
t-stats | 0.188 | 0.2538 | −0.0604 | 0.1691 | 2.5998 | 2.5973 | 0.1862 | −0.0658 | −0.3638 | −2.1062 | −1.2844 |