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                                            13%                          10.5%              

               Standard Deviation                           22%                          20%

               Beta                                             1.21                          1.00

               Risk-free rate is 5.25%

The Treynor measure for the equity fund is: