Year

VAR

ES

MES

SES

2014

Real

−3.3256

0.0045

0.0045

0.3803

Risk Neutral

−3.2706

0.0099

0.3466

0.4829

2015

Real

−3.1382

0.0123

0.0123

0.3899

Risk Neutral

−3.1446

0.0083

0.3251

0.4759

2016

Real

−3.1559

0.0207

0.0203

0.2843

Risk Neutral

−3.2013

0.0072

0.2907

0.4714