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A risk analyst working at an investment bank is conducting an evaluation of the bank's risk measurement methodologies. The bank is currently relying on Value at Risk (VaR) as its primary risk assessment tool. Nevertheless, the analyst believes that Expected Shortfall (ES) could potentially serve as a better risk measure, especially in periods of market turbulence. When comparing VaR and ES, which of the following statements is correct?
A
For the same confidence level, ES is always greater than VaR.
B
If a VaR backtest at a specified confidence level is accepted, then the corresponding ES will always be accepted.
C
While VaR ensures that the estimate of portfolio risk is less than or equal to the sum of the risks of that portfolio's positions, ES does not.
D
While ES is more complicated to calculate than VaR, it is easier to backtest than VaR.