An аnаlyst wаnts tо evaluate Pоrtfоlio X, consisting entirely of U.S. common stocks, using both the Treynor and Sharpe measures of portfolio performance. The following table provides the average annual rate of return for Portfolio X, the market portfolio (as measured by the Standard and Poor’s 500 Index), and U.S. Treasury bills (T-bills) during the past eight years. Annual Average Standard Deviation Rate of Return of Return Beta Portfolio X 11 % 15 % 0.9 S&P 500 10 11 1 T-bills 3 n/a n/a n/a = not applicable Compute the Treynor and Sharpe ratio, then fill in the blank below, noting whether the portfolio X underperformed or outperformed the S&P 500 and why:Based on the Treynor measure, Portfolio X [blank1] the market index because Treynor measure for Portfolio X is [blank2] than Treynor measure for the S&P 500. Based on the Sharpe measure Portfolio X [blank3] the market index because Sharpe measure for Portfolio X is [blank4] than Sharpe measure for the S&P 500.