The excess return is the difference between the average return on a security and the average
return for
a) treasury bonds
b) a portfolio of securities with similar risk
c) a broad-based market portfolio like the s& p 500 index
d) treasury bills

(d) Treasury bills

Explanation:

Treasury bills :

Treasury Bills is also called T-bills. It is the momentary currency advertise instrument, given  by the national bank in the interest of the administration to control brief liquidity shortages.

These do not yield any interest, but issued at a discount, at its redemption price, and repaid at par when it gets matured.

c is the correct answer.

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