It's also possible to analyse the skewness and kurtosis with the period PnL by getting third and 4th times of $Y_t$ respectively. Presumably you are going to conclude that for 2 collection with identical expectation and variance, you may want the a single with favourable skew or decrease kurtosis, but https://donovanbiosv.buyoutblog.com/34071506/the-greatest-guide-to-pnl