Hey kuch2r, I also chose ES since stddev is not translation invariant and VaR does not necessarily fulfill the subadditivity requirement for a coherent measure. However, if I recall correctly, the Schweser Notes just 1 to 3 pages (bottom) or so further in that topic, say that stddev and VaR are special cases of coherent measures or something like that. And, as others have said, it was written in the Notes that ES is not easy to understand... I'm guessing that Garp wanted to hear ES, but it is not all clear . . .