请问Sharpe Ratio是看连接Rf和Efficient frontier上点的斜率还是看连接原点和Efficient frontier上点的斜率？

NO.PZ202206210100000106 问题如下 The most appropriate conclusion thcawn from Exhibit 3 is that: A.management’s risk–return objectives mnot have been achievewith the Tportfolio. B.the current portfolio is a corner portfolio. C.the Sharpe ratios for the poliportfolio anthe Tportfolio are the same. SolutionA is correct. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. Even though the Tportfolio ha higher return ththe poliportfolio, the aitionreturn requires too muaitionrisk. In aition, the Tportfolio mexceemanagement’s risk tolerance.B is incorrect. Corner portfolios are efficient portfolios anrepresent a portfolio where asset weight changes from zero to positive or positive to zero. No subehavior in weights is incatefor the current portfolio allocation in Exhibit 2. It is also inefficient portfolio. C is incorrect. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. 就是我题干看了半天，不知道这题考点是啥，我是蒙对的。。。很尴尬

NO.PZ202206210100000106 问题如下 The most appropriate conclusion thcawn from Exhibit 3 is that: A.management’s risk–return objectives mnot have been achievewith the Tportfolio. B.the current portfolio is a corner portfolio. C.the Sharpe ratios for the poliportfolio anthe Tportfolio are the same. SolutionA is correct. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. Even though the Tportfolio ha higher return ththe poliportfolio, the aitionreturn requires too muaitionrisk. In aition, the Tportfolio mexceemanagement’s risk tolerance.B is incorrect. Corner portfolios are efficient portfolios anrepresent a portfolio where asset weight changes from zero to positive or positive to zero. No subehavior in weights is incatefor the current portfolio allocation in Exhibit 2. It is also inefficient portfolio. C is incorrect. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. 我没懂这题问什么，然后解析是啥意思啊？谢谢老师。

NO.PZ202206210100000106 问题如下 The most appropriate conclusion thcawn from Exhibit 3 is that: A.management’s risk–return objectives mnot have been achievewith the Tportfolio. B.the current portfolio is a corner portfolio. C.the Sharpe ratios for the poliportfolio anthe Tportfolio are the same. SolutionA is correct. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. Even though the Tportfolio ha higher return ththe poliportfolio, the aitionreturn requires too muaitionrisk. In aition, the Tportfolio mexceemanagement’s risk tolerance.B is incorrect. Corner portfolios are efficient portfolios anrepresent a portfolio where asset weight changes from zero to positive or positive to zero. No subehavior in weights is incatefor the current portfolio allocation in Exhibit 2. It is also inefficient portfolio. C is incorrect. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. 记得有一条曲线，上面的点，sharp ratio都相同。请问老师是什么曲线

NO.PZ202206210100000106 问题如下 The most appropriate conclusion thcawn from Exhibit 3 is that: A.management’s risk–return objectives mnot have been achievewith the Tportfolio. B.the current portfolio is a corner portfolio. C.the Sharpe ratios for the poliportfolio anthe Tportfolio are the same. SolutionA is correct. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. Even though the Tportfolio ha higher return ththe poliportfolio, the aitionreturn requires too muaitionrisk. In aition, the Tportfolio mexceemanagement’s risk tolerance.B is incorrect. Corner portfolios are efficient portfolios anrepresent a portfolio where asset weight changes from zero to positive or positive to zero. No subehavior in weights is incatefor the current portfolio allocation in Exhibit 2. It is also inefficient portfolio. C is incorrect. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. 看别的老师解析说虽然都有效，但是Policy的收益低，风险也低，而TAA收益高，风险也高，那么从risk tolerance的角度来看，TAA可能不符合组合管理的要求，因此A正确，C错误。也没明白为什么“从risk tolerance的角度来看，TAA可能不符合组合管理的要求？”请具体一下为什么不能选C，谢谢

NO.PZ202206210100000106 问题如下 The most appropriate conclusion thcawn from Exhibit 3 is that: A.management’s risk–return objectives mnot have been achievewith the Tportfolio. B.the current portfolio is a corner portfolio. C.the Sharpe ratios for the poliportfolio anthe Tportfolio are the same. SolutionA is correct. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. Even though the Tportfolio ha higher return ththe poliportfolio, the aitionreturn requires too muaitionrisk. In aition, the Tportfolio mexceemanagement’s risk tolerance.B is incorrect. Corner portfolios are efficient portfolios anrepresent a portfolio where asset weight changes from zero to positive or positive to zero. No subehavior in weights is incatefor the current portfolio allocation in Exhibit 2. It is also inefficient portfolio. C is incorrect. The Sharpe ratio is the slope of the line awn from the risk-free rate to a particulportfolio. The two portfolios of interest are the poliportfolio anthe Tportfolio because both are incatebeing efficient. The agrto the right incates ththe poliportfolio/risk-free combination ha higher slope ththe TAA/risk-free combination. 1）所以是不是只要在efficient frontier上面的任意一个组合，都应该有着相同的sharpe ratio？2）但如果sharpe ratio代表的是Rf链接某一个有效前沿组合的斜率，那么应该会有千千万万个不同的sharpe ratio呀？有效前沿上越靠左边的组合理论上斜率就越高呀？