Ok, I know the general rule of thumb is to short in VIX contango and get out in backwardation if you are a shorting this particular ETF. But looking at the charts the biggest gains are after spikes, when the VIX is in backwardation, even with the daily negative contango headwind. In fact, adding to a position in backwardation after a sharp spike, seems quite logical -- like buying low after a crash in stocks. What am I missing? Thanks in advance.