PNL CAN BE FUN FOR ANYONE

You may also analyse the skewness and kurtosis from the interval PnL by using third and 4th moments of $Y_t$ respectively. Presumably you will conclude that for two sequence with identical expectation and variance, you may like the one particular with good skew or reduce kurtosis, but probably not with regards to the assurance of the marketplace vi

$begingroup$ I am undecided what you indicate by "cross" outcomes - the only correlation is they both are features of your change in fundamental ($Delta S$)$begingroup$ If you examine just just one illustration, it might seem like the frequency of hedging instantly effects the EV/Avg(Pnl), like in your situation you described in which hedging each