To evaluate how much variation of the full ES model is explained by the reduced set of risk-factors (MAR 33.5 (2) (b)), the ES (Model Variation) avg measure should be evaluated for the allin risk-class.
The ES (Model Variation) measure is the ratio of the ES (Liquidity Adj.) measures for the reduced and full sets of risk factors (over the current data set). i.e. ES*{R,C} / ES*{F,C}. As per MAR33.5 (2) (b), this ratio should average over 75% for the last 12 weeks.