> ## Documentation Index
> Fetch the complete documentation index at: https://docs.activeviam.com/llms.txt
> Use this file to discover all available pages before exploring further.

# ES (model variation)

<Badge color="gray" size="lg">[ima](../tags/ima)</Badge>

|                                      |                                                                                                                                              |
| ------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------- |
| **Description**                      | For each risk class and allin risk class, this is the ratio of the liquidity-adjusted ES for reduced current set and ES for full current set |
| **Hierarchies required in the view** | [Risk Classes](./risk-classes)                                                                                                               |
| **Reference**                        | [\[MAR33.5\]](https://www.bis.org/basel_framework/chapter/MAR/33.htm?inforce=20230101\&published=20200327#paragraph_MAR_33_20230101_33_5)    |
| **Formula**                          | $\displaystyle \frac{ES_{R,C}}{ES_{F,C}}$                                                                                                    |