83 An analyst gathers the following data regarding three factors from a backtested portfolio:

Factor 1	Factor 2	Factor 3
VaR (95%) (5.2%)	(3.5%)	(4.1%)
Conditional VaR (95%) (12.1%)	(15.7%)	(16.8%)
Maximum drawdown	21%	27%

Which factor has the smallest downside risk as measured by the weighted average of all losses that exceed a threshold?