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While risk budgeting is mostly concerned with measuring the exposure of a portfolio, the risk parity approach uses risk budgeting results and attempts to create portfolios that equally weight the risk contributions of each asset or asset class in a portfolio. In risk parity, a portfolio allocation model is constructed based entirely on the risk contribution of each asset to the total risk of the portfolio, with no consideration of expected return of each asset class. Specifically, and as is detailed later, the risk-parity approach recommends that the allocation to each asset class should be set so that each asset class has the same marginal contribution to the total risk of the portfolio. The result is that the allocation to each asset tends to be inversely proportional to its risk once the diversification effect is taken into account. In risk parity, if equity is viewed as an asset that contributes more risk to the portfolio than bonds do, then less of the portfolio should be allocated to equities than to bonds.