How to compare market efficiency? The Sharpe ratio based on the ARMA-GARCH forecast

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Table 4 Results on conditional entropy. The table reports the Sharpe ratio and conditional entropy for nine AR (1) processes with different parameters. The Sharpe ratio is denoted by SR, and the conditional entropy is denoted by H

Group	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
a₁	0	0.045	0.145	0.245	0.345	0.445	0.545	0.645	0.745
μ_g (%)	0	0.0539	0.1754	0.3024	0.4399	0.5947	0.7780	1.0102	1.3367
SR	0	0.0359	0.1165	0.1993	0.2863	0.3798	0.4829	0.6002	0.7392
H	0.9960	0.9985	0.9968	0.9835	0.9706	0.9453	0.9018	0.8461	0.7835
	0.9995	0.9966	0.9897	0.9869	0.9597	0.8900	0.8958	0.8571	0.7892
	0.9994	0.9978	0.9923	0.9823	0.9546	0.9305	0.8800	0.8704	0.7984
	0.9978	0.9933	0.9919	0.9724	0.9180	0.9493	0.9101	0.8694	0.7760
	0.9979	0.9979	0.9875	0.9773	0.9578	0.9379	0.9138	0.8466	0.7887