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On the energy dependence of $K/π$ fluctuations in relativistic heavy ion collisions

In this note we will discuss the energy dependence of particle ratio fluctuations in heavy ion collisions. We study how the inherent multiplicity dependence of ratio fluctuations is reflected in the excitation function of the dynamical fluctuations. Specifically, we will show that the observed excitation function of dynamical $K/π$ fluctuations is consistent with the expected dependence on the number of accepted pions and kaons in both the STAR and NA49 experiments.