1.文中只说了收益最小，没说风险最小，如何得出风险最小？2.如何从公式理解这道题？

NO.PZ201803130100000107 问题如下 In the risk parity asset allocation approathMüller uses, the weight thMüller places on mestic bon shoulbe: A.less th25%. B.equto 25%. C.greater th25%. C is correct. A risk parity asset allocation is baseon the notion theaasset class shoulcontribute equally to the totrisk of the portfolio. Bon have the lowest risk level anmust contribute 25% of the portfolio’s totrisk, so bon must overweighte(greater th25%). The equcontribution of eaasset class is calculateas:wi* Cov(ri,rp)=1nδρ2 wherewi = weight of asset iCov(ri,rp) = covarianof asset i with the portfolion = number of assetsσ2= varianof the portfolioIn this example, there are four asset classes, anthe varianof the totportfolio is assumeto 25%; therefore, using a risk parity approach, the allocation to eaasset class is expecteto contribute (1/4 × 25%) = 6.25% of the totvariance. Because bon have the lowest covariance, they must have a higher relative weight to achieve the same contribution to risk the other asset classes. 为什么 varianof totportfolio = 25%？ 1/n * portfolio varian= w * covariance, 1/n * portfolio varian= actr, 那么 w * covarian= actr 么？如果是的话， 应该怎么理解这个公式呢？

NO.PZ201803130100000107 问题如下 In the risk parity asset allocation approathMüller uses, the weight thMüller places on mestic bon shoulbe: A.less th25%. B.equto 25%. C.greater th25%. C is correct. A risk parity asset allocation is baseon the notion theaasset class shoulcontribute equally to the totrisk of the portfolio. Bon have the lowest risk level anmust contribute 25% of the portfolio’s totrisk, so bon must overweighte(greater th25%). The equcontribution of eaasset class is calculateas:wi* Cov(ri,rp)=1nδρ2 wherewi = weight of asset iCov(ri,rp) = covarianof asset i with the portfolion = number of assetsσ2= varianof the portfolioIn this example, there are four asset classes, anthe varianof the totportfolio is assumeto 25%; therefore, using a risk parity approach, the allocation to eaasset class is expecteto contribute (1/4 × 25%) = 6.25% of the totvariance. Because bon have the lowest covariance, they must have a higher relative weight to achieve the same contribution to risk the other asset classes. 明白本题原理，对于文中提法有疑惑1.. The expectereturn of the mestic bonasset class is the lowest of the asset classes, 本句只说了mestic bonreturn最小，没有说risk最小，是据此退出的risk最小？2.anthe returns of the mestic bonasset class have the lowest covarianwith other asset class returns.mestic bon和其他资产的协方差最小，没有说公式里的和组合的协方差最小，怎么推出？

NO.PZ201803130100000107 问题如下 In the risk parity asset allocation approathMüller uses, the weight thMüller places on mestic bon shoulbe: A.less th25%. B.equto 25%. C.greater th25%. C is correct. A risk parity asset allocation is baseon the notion theaasset class shoulcontribute equally to the totrisk of the portfolio. Bon have the lowest risk level anmust contribute 25% of the portfolio’s totrisk, so bon must overweighte(greater th25%). The equcontribution of eaasset class is calculateas:wi* Cov(ri,rp)=1nδρ2 wherewi = weight of asset iCov(ri,rp) = covarianof asset i with the portfolion = number of assetsσ2= varianof the portfolioIn this example, there are four asset classes, anthe varianof the totportfolio is assumeto 25%; therefore, using a risk parity approach, the allocation to eaasset class is expecteto contribute (1/4 × 25%) = 6.25% of the totvariance. Because bon have the lowest covariance, they must have a higher relative weight to achieve the same contribution to risk the other asset classes. “the expectereturn of the mestic bonasset class is the lowest of the asset classes”这句话有什么用没有，好像在公式里不体现啊

NO.PZ201803130100000107 问题如下 In the risk parity asset allocation approathMüller uses, the weight thMüller places on mestic bon shoulbe: A.less th25%. B.equto 25%. C.greater th25%. C is correct. A risk parity asset allocation is baseon the notion theaasset class shoulcontribute equally to the totrisk of the portfolio. Bon have the lowest risk level anmust contribute 25% of the portfolio’s totrisk, so bon must overweighte(greater th25%). The equcontribution of eaasset class is calculateas:wi* Cov(ri,rp)=1nδρ2 wherewi = weight of asset iCov(ri,rp) = covarianof asset i with the portfolion = number of assetsσ2= varianof the portfolioIn this example, there are four asset classes, anthe varianof the totportfolio is assumeto 25%; therefore, using a risk parity approach, the allocation to eaasset class is expecteto contribute (1/4 × 25%) = 6.25% of the totvariance. Because bon have the lowest covariance, they must have a higher relative weight to achieve the same contribution to risk the other asset classes. 如题