问题如下图：
选项：
A. 
B. 
C. 
解释：
第一个表述，the factors used in factor-based approach have low correlation with the market ，意思是因子与market的相关性很低吗？但是factor-based approach 中有market factor 这个因子啊。请详细讲解，谢谢。
Shimin_CPA税法主讲、CFA教研 · 2020年02月24日
嗨，努力学习的PZer你好：
the factors used in factor-based approach 指的是除market factor以外的风险因子。
比如说size factor, value factor，这些风险因子是通过zero investment (self-financing)构成的factor。例如Size factor return=Small-cap stock return−Large-cap stock return。而market factor通常情况下是直接用某个index的收益率来代表承担市场风险而获得的收益。
所以，这句话的意思是，通过zero investment (self-financing)构成的factor与市场之间的相关性很低，并且这些factor两两之间的相关性也很低。
-------------------------------努力的时光都是限量版，加油！
Only Characteristic 2 Both Characteristic 1 anCharacteristic 2 A is correct. The factors commonly usein the factor-baseapproagenerally have low correlations with the market anwith eaother. This results from the faththe factors typically represent whis referreto a zero (llar) investment or self-financing investment, in whithe unr-performing attribute is solshort to finanoffsetting long position in the better-performing attribute. Constructing factors in this manner removes most market exposure from the factors (because of the offsetting short anlong positions); a result, the factors generally have low correlations with the market anwith one another. Also, the factors commonly usein the factor-baseapproaare typically similto the funmentor structurfactors usein multifactor mols.请问factor basemol和multi-factor app有什么区别？
Only Characteristic 2 Both Characteristic 1 anCharacteristic 2 A is correct. The factors commonly usein the factor-baseapproagenerally have low correlations with the market anwith eaother. This results from the faththe factors typically represent whis referreto a zero (llar) investment or self-financing investment, in whithe unr-performing attribute is solshort to finanoffsetting long position in the better-performing attribute. Constructing factors in this manner removes most market exposure from the factors (because of the offsetting short anlong positions); a result, the factors generally have low correlations with the market anwith one another. Also, the factors commonly usein the factor-baseapproaare typically similto the funmentor structurfactors usein multifactor mols.请问第二个陈述为什么不对
在讲义中的第143页中，Factors/ Asset Classes, Factor finitions, anHistoricStatistics里，有一个factor就是market，而且何老师上课也讲了，通过long Inx short cash就能获得market这个factor啊。
请问这个市场相关性第这个点如何理解，能否再下，多谢！