Which of the following represent VaR metrics:

1. conditional variance of a portfolio’s USD market value 1 week from today;
2. conditional standard deviation of a portfolio’s JPY net cash flow over the next month.
3. beta, as defined by Sharpe’s (1964) Capital Asset Pricing Model, conditional on information available at time 0.

1. This is a function of the conditional distribution of the portfolio's market value ¹P, so it is a VaR metric.

2. Net cash flow is generally unrelated to portfolio market value. Accordingly, this cannot be expressed as a function of ⁰p and the conditional distribution of ¹P. It is not a VaR metric.
3. While beta is a function of ⁰p and the conditional distribution of ¹P, additional information is required about the "market portfolio" in order to calculate beta. Accordingly, beta is not a VaR metric.