An analyst has gathered the following information about the performance of an equity fund and the S&P 500 index over the same time period.  

                                                         Equity Fund            S&P 500

                    Return                                -12%                    -16%        

                    Standard Deviation                15%                     19%

                    Beta                                  1.18                     1.00

                    Risk-free rate is 6.00%

The difference between the Treynor measure for the equity fund and the Treynor measure for the S&P 500 is: