| Port1 | Port2 | Port3 | Port4 | Port5 | Port6 | Port7 | Port8 | Port9 | Port10 | High-Low |
excess return | −0.0002 | 0.001 | 0.0016 | 0.0016 | 0.0003 | 0.0007 | 0 | 0.0008 | −0.0021 | −0.0036 | −0.0034 |
t-stats | −0.0882 | 0.7377 | 2.3409 | 2.6362 | 0.4844 | 1.1417 | 0.0329 | 0.6225 | −1.8105 | −2.4221 | −1.1622 |
ff3-alpha | 0.0013 | 0.0018 | 0.0023 | 0.0019 | 0.0002 | 0.0006 | −0.0005 | −0.0001 | −0.0027 | −0.0047 | −0.0061 |
t-stats | 0.9956 | 1.771 | 3.128 | 3.2153 | 0.378 | 1.1336 | −0.683 | −0.1198 | −2.5424 | −3.8965 | −2.6807 |