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Distressing Details of the UltraShorts [View article]
Starting from the beginning of 2008 and accounting also for the distributions, as of today SDS has delivered a gain of 79.1% against a SPY loss of 41.3% (SH +48.4% in the same period). Quite consistent!
Even TBT, in the same period, has lost 36% of its value against a TLT gain of 17.2%.
Maybe it's really the volatility to blame for the abysmal performance of the other DoubleShorts, but we can't say we had no volatility in the broad equity market. Actually we saw an all time record there this last year.
Could we say that's just depending on the managers' skill?