Before revision:  The AMF results show that the two portfolios load on very different factors, which indicates that the volatility is not an independent measure of risk, but are related to the basis assets and risk factorsin the related industries.
After revision:  The AMF results show that the two portfolios load on very different factors, which indicates that the volatility is not an independent risk, but are related to the basis assets and risk factorsin the related industries.