Hi, At the risk of beating a dead horse, as this subject has clearly been covered at length in this forum and elsewhere, I wanted to run a strategy by you all. It has been suggested that the very sort of statistical decay responsible for the skewed performance of FAS during the initial phase of the recent bull run can actually be used for safe profit-making by shorting both FAS and FAZ. The trade is effectively hedged in the short term, and over time profit is won through the effects of volatility-based decay. That trade would have failed miserably, of course, due to the extreme bull move we are currently enjoying. FAS took off and FAZ's decline's couldn't compensate for it. The decay was certainly not enough to offset the losses owing to trendiness. Trend works against the strategy and volatility favors it. Contrastingly, I'm wondering what might happen if we short just one 3X pair. For example, we go short X $ of TNA and go long 3X $ of IWM. I imagine the IWM position would keep up pretty well with the TNA position even in trendy times, but when volatility sets in, IWM should return to starting position sooner than TNA. That's when profit can be seized. This is just an instinctive idea and I haven't run any figures. What are your initial impressions? Thanks.