Will be starting a new journal for 2021. I will be adding a relative performance metric to my trade selection, hence this thread’s name. To help visualize relative performance, I will be charting pairs of various instruments, especially with SPY. Further, I may chart other combos as various investment themes and ideas develop, such as profitability models of industries or single names using market based inputs. I will be comparing the relative performance of SPY with different asset classes, with sectors, with select industry ETFs, with select foreign ETFs, and with select single names based on their average option volume, price, and beta. Obviously, I could simply compare % change on day and % change relative to opening for an idea of relative performance, but I wanted to be able to review historical performance, use technical analysis, and possibly apply a indicator or two in preparation for coding for backtesting purposes. I will be using option spreads such as directional butterfly spreads for my alpha based delta while partially, but dynamically hedging these deltas using ES directional butterflies, especially if put skew persists.