Testing the Augmented Fama–French Six-Factor Asset Pricing Model with Momentum Factor for Borsa Istanbul

Table 6

Testing equality of squared Sharpe ratios for competing models.

Differences in sample squared Sharpe ratios
Models	2	3	4	5
1	0.094	0.098	0.105	0.126
2		0.084	0.091	0.119
3			0.082	0.112
4				0.103

and indicate significance at the 5% and 1% levels, respectively.