skycfa

Portfolio performance = RFR + (Portfolio Beta) * (R_mkt - RFR) + (ex post Alpha)

Market Performance = RFR + (Market Beta = 1) * (R_mkt - RFR)

so....

(Port_R - Mkt_R) = (Port Beta - 1) * (R_mkt - RFR) + (ex post Alpha)


Congratulations, it looks like you have some (ex post) Alpha. (however, it may or may not be statistically significant).

Additionally, assuming that the market was up over the time period and beta was < 1, you actually produced even more alpha than you might guess from the simple difference in portfolio - market returns.