You could instead look at downside deviation instead of volatility, but in my experience standard volatility and upside/downside deviation look very similar for most securities. This is somewhat paradoxical for me personally, but it is what it is.

It's not even that unusual, or newsworthy. It's pretty common for banks, basically the rule for European banks. I'm still not convinced the numbers are "real" though. As I understand it, there are a few main arguments as to why "buy and strip" price arbitrage doesnt happen, and I'm not sure which is/are true:

- Regulatory barriers. JPM or Apple can't just buy Deutsche Bank because lawmakers won't allow it.

- They're too big to be bought out out by (European?) private equity, or controlling stakes aren't available.

- That's not real book value. Try to wind it down and it'll evaporate.

Maybe there are more. I understand that dividends and buybacks are currently limited by regulators in Europe, and that closes one valve for the price arbitrage, but still...