| Case 2 | Case 1 | ||
| μS − rf = | 3% | μS − rf = | 3% |
| rf = | −2% | rf = | −2% |
| σ = | 15% | σ = | 20% |
| Case 3 | Case 4 | ||
| μS − rf = | 2% | μS − rf = | 2% |
| rf = | −1% | rf = | −1% |
| σ = | 15% | σ = | 20% |