X-Value Adjustment (XVA) is a collective term for “valuation adjustments” made to derivative trades to reflect various costs related to the trade. The first valuation adjustment was Credit Value Adjustment (CVA); which reflect the credit risk for a given counterparty of a trade. Since the creation of CVA, additional valuation adjustments have been created to capture the cost of funding (FVA), cost of your party defaulting (DVA), cost of collateralization (KVA) and the cost of initial margin (MVA).