Consider the following performance data for a sample period:

| | Portfolio (P) | Market (M) |

|------------------|---------------|------------|

| Average return | 15% | 9% |

| Beta | 1.6 | 1.0 |

| Standard deviation | 32% | 24% |

| Tracking error | 20% | 0 |

| Risk free rate | — | 3% |

If the Portfolio (P) is one sub-portfolio that is combined with several other portfolios into a large investment fund, which is the appropriate risk-adjusted performance measure (RAPM) and what is its value for Portfolio (P)?