I recently read an interesting article that compared buy and hold vs. short straddles (involving the SPY). The article basically stated that buy and hold is best with the VIX greater than 25 and the short straddle works best in the 18-25 range. I took the data and used bull put spreads deep OTM as my equivalent to buy and hold. The data went back about 10 years. All strategies lost money during the extremely high VIX last year, but the buy and hold lost the most; the short straddle lost less, and the bull put spread lost the least. Then, I took at look at iron condors vs short straddles during the same time period and the various VIX values. The IC outperformed the short straddle in higher VIX values. I wanted to know why. The IC offers more protection than the short straddle because of the insufficient premiums available. In other words, the distance between the designated bodies (using just 1SD) is far greater than the total premiums received. When the VIX gets into the 18-25 range, the distance between the edges of the body and the total premiums received are closer in value. Just some interesting info.