If a "normal" market is happens in the middle 95% of outcomes, for example, for someone taking a short position, this makes a "bad" market the best 2.5% of outcomes. Use the normal method to calculate the VaR of the $1m short position in asset X. What is the VaR for X? What is the VaR for the long position in asset Y using the normal method? Which position seems more risky? Why?