This semester we considered three measures of risk performance-alpha, the Treynor Index, and the Sharpe ratio. All three were developed within the context of the simple CAPM and its restrictive...

This semester we considered three measures of risk performance-alpha, the Treynor Index, and the Sharpe ratio. All three were developed within the context of the simple CAPM and its restrictive assumptions. In ranking portfolio performance, can the Treynor Index be liberated from the CAPM assumptions? If so, how? If not, why not?