In the realm of alternative investments, performance measurement is critical for investors to assess the effectiveness of their portfolios. One widely used metric for evaluating the performance of hedge funds is the Sharpe ratio, which measures the risk-adjusted return of an investment.

Consider a hedge fund that generated a total return of 15% over the year, with a risk-free rate of 3% and a standard deviation of 12%. What is the Sharpe ratio of this hedge fund?