115. You have been asked to evaluate the performance of two hedge funds: Global Asset Management I and International Momentum II. Both are benchmarked to MSCI EAFE. The volatility of EAFE is 17.5% and the annualized performance is 10.6%. The risk-free rate is 3.5%.

             Fund                                                     Volatility                           Performance

Global Asset Management I                             24.5%                                 12.5%
I
nternational Momentum II                                  27.3%                                13.6%

Which of the two funds had a higher relative risk-adjusted performance (RAP) last year, and what is the RAP?

a. International Momentum II, 5.42%
b. International Momentum II, 1.18%
c. Global Asset Management I, 4.85%
d. Global Asset Management I, 6.16%

relative risk-adjusted performance (RAP)?具体指什么？ sharp ratio ，information ratio 不都可以衡量risk-adjusted performance (RAP)么？望指教。