Greg Smith manages a portfolio of two investments: long-term corporate bond and large capitalization stock of the portfolio's current stock make up 30%. The correlation between bond and stock in Smith's portfolio is 0.15. Smith has estimated a VaR (99%) of 2.0%, or 3.36 MM, for the corporate bond position and 1.5% or $11.33 MM for the large capitalization stock position The portfolio VaR (99%) on a dollar basis is 11.32 MM 15.42 MM 10.92 MM 13.83 MM