Year

VAR

ES

MES

SES

2014

Real

−3.1755

0.0007

0.0007

0.3849

Risk Neutral

−2.8682

0.0015

0.4057

0.4946

2015

Real

−3.1223

0.0081

0.0081

0.3947

Risk Neutral

−3.2038

0.0076

0.353

0.5032

2016

Real

−3.189

0.0005

0.0005

0.2401

Risk Neutral

−3.141

0.0014

0.4964

0.5002