Suppose that the price of Asset X at close of trading yesterday was $300 and its volatility was estimated as 1.3% per day. The price of C at the close of trading today is $298. Suppose further that the price of Asset Y at the close of trading yesterday was $8, its volatility was estimated as 1.5% per day, and its correlation with X was estimated as .8. The price of Y at the close of trading today is unchanged at $8. Update the volatility of X and Y and the correlation between X and Y using:

In practice, is the parameter likely to be the same for X and Y?