> For the complete documentation index, see [llms.txt](https://wpahelp.windhamlabs.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wpahelp.windhamlabs.com/expected-risk.md).

# Expected Risk

- [Annualizing Volatility and Return](https://wpahelp.windhamlabs.com/expected-risk/annualizing-volatility-and-return.md): The WPA accounts that discrete returns are log-normally distributed.
- [Correlation](https://wpahelp.windhamlabs.com/expected-risk/correlation.md): Correlation measures the degree and direction of the co-movement between two assets.
- [Covariance](https://wpahelp.windhamlabs.com/expected-risk/covariance.md): The covariance matrix describes the magnitude of the variability in the assets' returns including direction and degree.
- [Exponential Risk](https://wpahelp.windhamlabs.com/expected-risk/exponential-risk.md): Exponentially Weighted Moving Average (EWMA)
- [Quiet and Turbulent Risk](https://wpahelp.windhamlabs.com/expected-risk/quiet-and-turbulent-risk.md): A risk model for statistically partitioning returns into regimes.
- [Series Filter](https://wpahelp.windhamlabs.com/expected-risk/series-filter.md): A conditional model for estimating expected risk and correlations.
- [Views (Risk and Correlation)](https://wpahelp.windhamlabs.com/expected-risk/views.md): The WPA allows the user to input custom views for expected risk and correlations.