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Under the assumptions of the capital market theory, the CML represents the positive linear relationship between portfolio risk (standard deviation of returns) and expected return. Not every portfolio on the Markowitz efficient frontier is dominated by a portfolio on the CML: the market (tangency) portfolio lies on both. An expected return greater than that of the market portfolio can be attained by borrowing at the risk-free rate and investing the borrowed funds in the frontier portfolio (allocating more than 100% of assets to the frontier portfolio). A portfolio with a 100% allocation to the risk-free asset will have a standard deviation of zero and an expected return equal to the risk-free rate.