金融資產(chǎn)收益率是FRM考試的金融詞匯，下文是對(duì)Return on financial assets的例題解析！一起看看哪個(gè)選項(xiàng)是正確答案吧！

The dependence structure between the returns of financial assets plays an important role in risk measurement. For liquid markets, which of the following statements is inconect?

A. Correlation is a valid measure of dependence between random variables for only certain types of return distributions.

B. Even if the return distributions of two assets have a correlation of zero, (he returns of these assets are not necessarily independent.

C. Copulas make it possible to model marginal distributions and the dependence structure separately.

D. Correlation estimates based on short lookback horizons (three months or less) are typically very stable.

The correct answer is D. Because ihe short-term volatility of the data is greater than the long-term data volatility, so the short-term data out of the correlation coefl'icient is not stable.

中文意思：

金融資產(chǎn)收益率之間的依賴結(jié)構(gòu)在風(fēng)險(xiǎn)度量中起著重要的作用。對(duì)于流動(dòng)性市場，以下哪項(xiàng)陳述是不一致的？

A、 相關(guān)性是一個(gè)有效的衡量隨機(jī)變量之間的依賴性只有某些類型的回報(bào)分布。

B、 即使兩種資產(chǎn)的收益分布的相關(guān)性為零，這些資產(chǎn)的收益也不一定是獨(dú)立的。

C、 copula使得可以分別對(duì)邊際分布和依賴結(jié)構(gòu)進(jìn)行建模。

D、 基于短期回顧期（三個(gè)月或更短）的相關(guān)性估計(jì)通常非常穩(wěn)定。

正確答案是D，因?yàn)閿?shù)據(jù)的短期波動(dòng)是大于長期數(shù)據(jù)的波動(dòng)性，所以短期數(shù)據(jù)出了問題相關(guān)系數(shù)不穩(wěn)定。