Suppose you have estimated that the fifth$-$percentile value at risk of a portfolio is

$-30\%.$ Now you wish to estimate the portfolio first$-$percentile VaR.

$$The $1\%$ VaR is greater $($less negative$)$ than $-30\%$

$$The $1\%$ VaR is less $($more negative$)$ than $-30\%$

$$The $1\%$ VaR is equal to $-30\%$

$$The $1\%$ VaR is less $($more negative$)$ than $-30\%$ only if the returns have a fatter tail than the normal distribution.