A financial analyst is evaluating the performance of an equities portfolio based in Singapore. This portfolio's performance is benchmarked against the Straits Times Index (STI). The following data has been collected for both the portfolio and the STI:

• The portfolio's expected return is 7.6%
• The portfolio's return volatility is 11.5%
• The STI's expected return is 4.0%
• The STI's return volatility is 8.7%
• The risk-free rate is 2.3%
• The portfolio's beta in relation to the STI is 1.7%

With this information, calculate the Sharpe ratio for the portfolio.