ResearchBenchmarksOption Hedging on XOP K/F=1.03 (τ = 56d) 2020Q1Follow42.4ES5%RLOP40.35654.15367.9581.747Feb 1, 2026Evaluation ResultsMethodMethodLinksES5%ES10%Shortfall ProbabilityRLOPτ=56, ndays=16τ=56, ndays=162026.0242.43444RLOPtau=14, n_days=29tau=14, n_days=292026.0293.576.966