The Modigliani M² Measure and the Treynor T² Measure

Multiple Choice

The Modigliani M² measure and the Treynor T² measure

A) are identical.
B) are nearly identical and will rank portfolios the same way.
C) are nearly identical, but might rank portfolios differently.
D) are somewhat different; M² can be used to rank portfolios, but T² cannot.
E) are somewhat different; T² can be used to rank portfolios, but M² cannot.