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| Historical Simulation | GARCH VaRs | CARR VaRs | ||||
| Obs. | Mean VaR | Mean VaR | Number Violation | Mean Violation | Mean VaR | Number Violation | Mean Violation | |
| CSI-300 Spot | 597 | −3.27 | −3.12 | 7 | −3.35 | −3.01 | 5 | −3.32 |
| CSI-300 Futures | 597 | −3.56 | −3.34 | 8 | −3.47 | −3.23 | 4 | −3.38 |