ResearchBenchmarksOption Hedging on XOP ATM (τ = 56d) 2025Q2Option Hedging on XOP ATM (τ = 56d) 2025Q2Follow3.898Exposure Shortfall (ES5%)QLBS3.70313.800553.8983.99545Feb 1, 2026Evaluation resultsMethodMethodLinksExposure Shortfall (ES5%)Exposure Shortfall (ES10%)Shortfall ProbabilityQLBSτ=56, ndays=45τ=56, ndays=452026.023.8983.157—SVτ=56, ndays=45τ=56, ndays=452026.02——40