| Port1 | Port2 | Port3 | Port4 | Port5 | Port6 | Port7 | Port8 | Port9 | Port10 | High-Low |
excess return | −0.0029 | −0.0013 | −0.0001 | 0 | 0.0006 | 0.0004 | 0.0009 | 0.0012 | 0.0009 | 0.0004 | 0.0032 |
t-stats | −1.6569 | −1.1231 | −0.103 | 0.0086 | 1.1065 | 0.7578 | 1.0056 | 1.2178 | 0.7811 | 0.2265 | 1.0496 |
ff3-alpha | 0.0001 | 0.0006 | 0.0008 | 0.0004 | 0.0004 | 0.0001 | 0 | 0.0002 | −0.0006 | −0.0019 | −0.0021 |
t-stats | 0.1089 | 0.6409 | 0.8283 | 0.4757 | 0.7846 | 0.2491 | −0.0525 | 0.2787 | −0.7419 | −1.4162 | −0.9232 |