“…Asai, McAleer, and Yu (2006) provide a detailed discussion of the SV model and its relation to GARCH models. Prior research demonstrates that the DCC‐GARCH model outperforms several alternatives in forecasting volatility and dynamic correlations (Ding & Vo, 2012; Jain & Biswal, 2016; Sari, Hammoudeh, & Soytas, 2010; Maghyereh, Awartani, & Tziogkidis, 2017; Mensi, Hammoudeh, Nguyen, & Yoon, 2014; Singhal & Ghosh, 2016).…”