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AN IDEA YOU CAN TOUCHFIG. 001

Two assets. How many risks?

Covariance geometry of two equal-volatility assets An ellipse stretches along a shared risk direction as positive correlation rises. At correlation 0.65, this direction holds 82.5 percent of total variance. This is a synthetic teaching model. ASSET AASSET B0 THE SHAREDRISK DIRECTION Σ = [1, ρ; ρ, 1] SYNTHETIC MODEL
ρ = 0.65

One direction now holds 82.5% of total variance.

Same two assets. A different concentration of risk. Go inside the idea
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