Lets Say all the stock index fall 20% in three days from monday. You owned puts with these instruments and they all had roughly the same number of days to expiration, thus the same time decay risk, and there respective strike price was at a level where the market would have to fall 10% in each case to get to the strike price. Assume premium price paid is relative. -SPY - ETF options -QQQQ - ETF options -Big Sp500 Futures -E mini Futures -NQ mini Futures Say the market then fell 20%, and these puts become very valuable. Question: Would the return on each instrument be the same, each option must be purchased with 100% cash, as you cant margin purchase options ? So if the QQQQ was to return of 20 times your money, would this be the same expectation for the other instruments ? So all would return 20 times your monies or close to it. Current prices from Yahoo options centre QQQQ Feb 17th PUTS @ $38.00 = $0.20 SPY Feb 17th PUTS @ $112.00 = $0.25 XSP-X.W ( mini SPX options) Feb 17th PUTS @ $111 = $0.30 Thx in advance.