Where is the most advanced expression of this statistical similarity if the base is shaky?
Performing Kolmogorov-Smirnov tests does not guarantee the validity of conclusions if the reference data is unsuitable, especially for emerging markets like Brazil.
For example, if the test compares our asset returns to a global index without incorporating the intrinsic volatility of the BRL, small deviations can be misleading.
This could mask a significant risk exposure, making the analysis inadequate for optimal reserve management.
A clear asymmetry in the interpretation of results is necessary, especially in the face of local market conditions.