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% | 23% |

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