As a chief risk officer at a major financial institution, you are evaluating a proposal put forth by a senior risk analyst. The proposal aims to enhance the institution's risk assessment methodology. Specifically, the analyst suggests improving the calculation of the institution's portfolio Value at Risk (VaR). This improvement involves correlating the institution's numerous trading positions to a limited set of basic risk elements to streamline the process. Which of the following methods would be the most suitable for correlating the given positions?