Rank	IVOL-CAPM	IVOL-FF5	IVOL-CH3
Low	0.0060	0.0062	0.0109
2	0.0066	0.0088	0.0096
3	0.0060	0.0068	0.0120
4	0.0088	0.0029	0.0085
High	−0.0045	−0.0044	−0.0002
High-Low	−0.0116*	−0.0103*	−0.0111**
High-Low	(−1.96)	(−1.93)	(−2.00)