1\begin{table}[htbp]\centering\small2\caption{Main: WIS relative to Random walk (trailing RMS)}3\label{tab:main_cmp_wis}4\begin{tabular}{lcccc}5\toprule6Model & $H=5$ & $H=15$ & $H=30$ & $H=60$ \\7\midrule8Seasonal volatility & -3.00\% (-46.4) & -3.20\% (-47.8) & -3.33\% (-37.8) & -3.54\% (-29.1) \\9EWMA-$t$ & -3.75\% (-54.5) & -3.75\% (-50.4) & -3.60\% (-34.8) & -3.40\% (-23.3) \\10HAR-RV & -2.00\% (-29.7) & -4.49\% (-62.7) & -4.67\% (-46.4) & -4.99\% (-35.5) \\11GARCH(1,1)-$t$ & -3.66\% (-54.1) & -3.79\% (-52.8) & -3.67\% (-37.7) & -3.29\% (-25.3) \\12Ridge & -2.83\% (-29.9) & -4.50\% (-56.7) & -4.68\% (-44.7) & -5.02\% (-35.0) \\13Elastic net & -2.83\% (-29.8) & -4.49\% (-56.5) & -4.69\% (-44.9) & -5.02\% (-35.0) \\14LightGBM & -2.79\% (-30.1) & -4.26\% (-50.5) & -4.72\% (-46.8) & -5.01\% (-36.9) \\15MLP (1m) & -4.17\% (-71.5) & -4.15\% (-68.5) & -4.15\% (-51.3) & -4.28\% (-38.1) \\16TCN (1m) & -4.16\% (-68.4) & -3.96\% (-64.5) & -3.88\% (-48.4) & -3.92\% (-36.8) \\17MRPT-S (1m+5m+30m) & -4.30\% (-68.4) & -4.28\% (-66.6) & -4.28\% (-50.4) & -4.50\% (-39.2) \\18MRPT-S (1m only) & -4.26\% (-68.4) & -4.23\% (-66.3) & -4.22\% (-50.0) & -4.38\% (-38.8) \\19MRPT-B (1m+5m+30m) & -4.28\% (-68.8) & -4.28\% (-66.7) & -4.29\% (-51.0) & -4.44\% (-39.3) \\20\bottomrule21\end{tabular}22\begin{minipage}{0.95\textwidth}\scriptsize Relative change in mean WIS versus the reference (negative = better); Diebold--Mariano $t$-statistic with HAC variance in parentheses.\end{minipage}23\end{table}