1\begin{table}[htbp]\centering\small2\caption{Pilot: WIS relative to Random walk (trailing RMS)}3\label{tab:pilot_cmp_wis}4\begin{adjustbox}{max width=\textwidth}5\begin{tabular}{lcccc}6\toprule7Model & $H=5$ & $H=15$ & $H=30$ & $H=60$ \\8\midrule9Seasonal volatility & -1.98\% (-5.1) & -2.60\% (-6.2) & -2.77\% (-5.3) & -2.12\% (-3.1) \\10EWMA-$t$ & -2.82\% (-7.5) & -2.86\% (-6.4) & -2.69\% (-5.1) & -1.70\% (-2.1) \\11HAR-RV & +0.12\% (0.3) & -3.34\% (-8.1) & -3.44\% (-7.1) & -3.16\% (-4.5) \\12GARCH(1,1)-$t$ & -2.56\% (-8.4) & -2.59\% (-7.4) & -2.45\% (-6.7) & -1.43\% (-3.1) \\13Ridge & -2.06\% (-3.4) & -3.26\% (-5.8) & -3.55\% (-5.7) & -3.14\% (-4.2) \\14Elastic net & -2.12\% (-3.5) & -3.30\% (-6.0) & -3.55\% (-5.7) & -3.07\% (-4.0) \\15LightGBM & +3.37\% (3.7) & +1.49\% (1.8) & +1.39\% (1.3) & +2.43\% (1.7) \\16MLP (1m) & -3.24\% (-9.0) & -3.15\% (-8.3) & -3.23\% (-7.3) & -2.59\% (-4.1) \\17TCN (1m) & -3.25\% (-9.7) & -3.15\% (-7.9) & -3.41\% (-7.4) & -2.64\% (-3.9) \\18MRPT-S (1m+5m+30m) & -3.13\% (-8.7) & -3.29\% (-8.1) & -3.57\% (-7.3) & -2.78\% (-4.2) \\19MRPT-S (1m only) & -3.13\% (-8.7) & -3.20\% (-7.9) & -3.39\% (-6.9) & -2.53\% (-3.8) \\20\bottomrule21\end{tabular}22\end{adjustbox}23\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}24\end{table}