Finance School of Management Variance with 2 Securities p=WG1+1202+2120212 Variance with 3 Securities n=a1+22+3O3+212OO22+ 21110213+2w2W2O3P23 uesTc20 Finance School of Management ❖ Variance with 2 Securities 1 2 1 2 1,2 2 2 2 2 2 1 2 1 2  p = w  +w  +2ww   ❖ Variance with 3 Securities 2 2 2 2 2 2 2 1 1 2 2 3 3 1 2 1 2 1,2 1 3 1 3 1,3 2 3 2 3 2,3 2 2 2 p w w w w w w w w w              = + + + + +