ResearchBenchmarksOption Hedging on XOP K/F=1.03 (τ = 56d) 2025Q2Option Hedging on XOP K/F=1.03 (τ = 56d) 2025Q2Follow2.893ES5% (Expected Shortfall 5%)QLBS2.748352.8206752.8932.965325Feb 1, 2026Evaluation resultsMethodMethodLinksES5% (Expected Shortfall 5%)ES10% (Expected Shortfall 10%)Shortfall ProbabilityQLBSτ=56, ndays=45τ=56, ndays=452026.022.8932.29351