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.