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When opened, the cigarettes fan out and are softly tucked away when the world is closed

But when we took a look at the various categories of products, we began noticing some differences

Spread between risk models (Fat-Tailed Value at Risk Gaussian 1-Day 99% VaR) for economic sectors as part of S&P 500 composition Source: FactSet Daily return of stocks, aggregated on economic sector as part of S&P 500 composition Source: FactSet The reasoning behind the widening spread for sectors, where the returns are not the worst in the recent month, is that volatility increases in those sectors, as captured by the fat-tailed model due to the distribution their returns follow

Caton, D., & Kalra, P