Backtest

Proportion

Number

Proportion

Number

Kuwait

M-s conditional Clayton

0.103

(93)

0.098

(88)

conditional Clayton

0.119

(107)

0.108

(97)

Qatar

M-s conditional SJC

0.087

(78)

0.072

(65)

conditional SJC

0.106

(95)

0.098

(88)

Saudi

M-s conditional SJC

0.113

(102)

0.104

(94)

conditional SJC

0.126

(113)

0.118

(106)

UAE

M-s conditional SJC

0.119

(107)

0.099

(89)

conditional SJC

0.126

(113)

0.109

(98)

Bahrain

M-s conditional Gumbel

0.072

(65)

0.051

(46)

conditional Gumbel

0.079

(71)

0.059

(53)

Oman

M-s conditional Gumbel

0.076

(68)

0.054

(49)

conditional Gumbel

0.087

(78)

0.062

(56)