|
| Port1 | Port2 | Port3 | Port4 | Port5 | Port6 | Port7 | Port8 | Port9 | Port10 | High-Low |
| excess return | −0.0002 | 0.0014 | 0.0003 | 0.0011 | 0.0007 | 0.0009 | 0.0002 | 0.0005 | −0.0014 | −0.0032 | −0.0029 |
| t-stats | −0.1432 | 1.1662 | 0.3242 | 1.4265 | 1.0917 | 1.377 | 0.3001 | 0.5358 | −1.188 | −1.9599 | −0.9584 |
| ff3-alpha | 0.0009 | 0.0022 | 0.0009 | 0.0014 | 0.0007 | 0.0007 | 0 | 0 | −0.0021 | −0.0046 | −0.0055 |
| t-stats | 0.6983 | 2.1927 | 1.1063 | 1.9918 | 1.1185 | 1.0351 | −0.0422 | 0.0319 | −1.9611 | −3.4016 | −2.3611 |