ent returns. The more negatively skewed the returns, the more common a loss in the returns reflects a larger loss, rather than a smaller loss. 1 = n-Zri i=1 rA 411+ ri,121" - 1 = 1 f)2 n — n i=t sA = sVn E7.1(n — Fr S3 Correlation — Indicates a measure of the strength and direction of the li