ResearchBenchmarksOption Hedging on XOP K/F=1.03 2025Q2Option Hedging on XOP K/F=1.03 2025Q2Follow2.711Expected Shortfall (ES5%)RLOP2.697962.785982.8742.96202Feb 1, 2026Evaluation resultsMethodMethodLinksExpected Shortfall (ES5%)Expected Shortfall (ES10%)Shortfall ProbabilityRLOPtau=14, n_days=56tau=14, n_days=562026.022.7112.21—QLBSMaturity (τ)=28d, Equa...Maturity (τ)=28d, Equal-day weighting=true, n_days=572026.023.0372.075—RLOPMaturity (τ)=28d, Equa...Maturity (τ)=28d, Equal-day weighting=true, n_days=572026.02——33SVtau=14, n_days=56tau=14, n_days=562026.02——46