This study hopes for measuring the value at risk (VaR) of a group of investment portfolios and using it as a constraint in portfolio composition. This was come true utilizing the conditional value at risk (CVaR), also known as the mean value at risk (Mean-VaR), which is a proxy for risk in investment portfolios. The study resorted to returns for the period (2012-2024) and employed SPSS statistical software. For accomplishing its objective, this study adopted the main hypothesis: "The conditional value at risk is a reliable measure of risk and therefore giving an account for a constraint on the risk of the optimal investment portfolio."The study fulfilled several conclusions, the most significant of which is that the conditional value at risk speaks for a financial constraint on the risk of the optimal investment portfolios for the study's periods. The most prominent recommendations coming out from the study are that investment specialists, particularly investment portfolio managers, should embrace techniques and models for calculating and estimating the various aspects of risk involved in investment decision-making, including the investment portfolio.