Question: A key difference between VaR and Expected Shortfall ( ES ) is that: Question 3 Answer a . ES is always higher than VaR. b

A key difference between VaR and Expected Shortfall (ES) is that:
Question 3Answer
a.
ES is always higher than VaR.
b.
ES considers the average loss beyond the VaR estimate.
c.
VaR is a more conservative estimate of risk.
d.
VaR is easier to calculate under non-normal distributions.

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