Which of the following best describes the prevailing manner by which the historical riskiness of a financial asset is measured?

Group of answer choices

Risk is measured by reference to the volatility of the actual returns that the asset has experienced over time.

Risk is measured by reference to how the asset's returns perform relative to inflation.

Risk is measured by reference to how the asset's price varies relative to the price of gold over time

Risk is determined by reference to the asset's average historical return.