Before revision:  We present a simple and direct proof of its coherency and aversity . Based on the observation that the MAXVAR measure is a continuous convex combination of the CVAR measure, we provide an explicit formula for the risk envelope of MAXVAR.
After revision:  We present an elementary and direct proof of its coherency and aversity . Based on the observation that the MAXVAR measure is a continuous convex combination of the CVAR measure, we provide an explicit formula for the risk envelope of MAXVAR.