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Level 2 · ◆ · ~10 min

Returns, Volatility & the Bell Curve

The raw material of every risk number.

"Before you can measure risk, you must measure returns."

log returnsvolatilityannualizationnormal distributionquantiles
🚀 You're jumping ahead. This builds on Why Risk Is Measured — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.