82 An analyst backtests three investment strategies X, Y, Z over the last ten years and gathers the following summary about their monthly returns:

| Strategy X | Strategy Y | Strategy Z |

|------------|------------|------------|

| Mean | 1.1% | 1.0% | 1.2% |

| Standard deviation | 2.0% | 0.5% | 0.6% |

| Kurtosis | 3.5 | 4.2 | 18.5 |

| VaR (95%) | -1.0% | -0.5% | -0.8% |

Based on the above summary, which strategy most likely has the lowest risk?