Expected value goes down when you use risk-averse indices.
However, it is worth it because with risk-averse indices your variance is reduced.
In theory this should allow you to bet more aggressively for the same risk of ruin - meaning you make more money overall. If you don't or can't adjust your bet size, perhaps because it is impractical to do so in a real game, you will have lower EV and lower variance.
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