If an investor can hold a portfolio of almost infinite number of assets, is there a certain type of risk of the portfolio that matters the most to the investor (assuming all the assets are equal-weighted in the portfolio)

		Average volatility of each asset
		The relative importance of volatility and covariance risks depends on the average return of each asset
		Covariance between assets
		Both volatility of each asset and the covariance between assets are equally important