hard · Quantitative Finance

A strategy employs a 'square-root-of-time' scaling for risk.

If the daily standard deviation of P&L is $40,000, what is the estimated annual volatility (252 trading days) and what is the primary assumption required for this scaling to be valid?

  1. $2,520,000; The process is a stationary Markov chain.
  2. $634,980; Daily returns are normally distributed.
  3. $10,080,000; Daily returns follow a normal distribution.
  4. $634,980; Daily returns are independent (zero autocorrelation).

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