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In finance, alternative risk measures such as value-at-risk (VaR) and GARCH are introduced as replacements to standard deviation volatility.

Is there any application or value where several risk estimators or two are considered simultaneously? As an example, a ratio that describes the divergence between one another? Or are alternative risk measures just too correlated that that would be redundant

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You can use Garch and VaR in complementary terms. I do not know of any top finance journal paper where that was done (as it is probably something not very novel). However, some field journals do have some interesting things on relating Garch and Value-at-Risk.

For example this paper states:

The results indicate that both stationary and fractionally integrated GARCH models outperform RiskMetrics in estimating 1% VaR.

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