# Tag Info

The ES definition is: $$ES_\alpha(X)=\frac{1}{\alpha}\int_{0}^{\alpha}VaR_\beta(X)d\beta$$ This is indeed an equal weighting over each VaR, but not on the $x$-Achsis, VaR is the inverse function such that adding all possible VaR's is equally weighted, but the VaR's themselves have different magnitude over the $\alpha$-Achsis. The formula can also be ...