Port1

Port2

Port3

Port4

Port5

Port6

Port7

Port8

Port9

Port10

High-Low

excess return

0.0039

0.0024

0.001

0.0001

−0.0005

−0.0006

−0.0005

−0.0009

−0.0014

−0.0038

−0.0077

t-stats

1.5505

1.4422

0.9452

0.1417

−0.6512

−0.8604

−0.6118

−0.8392

−0.7184

−1.3128

−1.4903

ff3-alpha

0.0024

0.0013

0.0001

−0.0005

−0.0009

−0.001

−0.0003

−0.0001

−0.0001

−0.0011

−0.0035

t-stats

0.9835

0.8195

0.1419

−0.6736

−1.4123

−1.6849

−0.3011

−0.1126

−0.0537

−0.4276

−0.7298