I used to think shorting the UVXY was almost like free money. ***It looses like 95% of its value a year dudes!!!!***. But then I felt one of its MASSIVE spikes with the COVID in early 2020, and decided to do some comparisons. So since UVXY started on 10/4/11, I did a SPY spreadsheet where one just put in 100% of its account balance on 10/4/11 and let it ride in SPY. As of 5/7/21 a $100 account balance would have risen to $453.41. That is a roughly 17.06% IRR. The maximum drawdown was 33.72%. That sounds killer. Then I did a UVXY spreadsheet, again starting 10/4/11, and made my amount of UVXY shorted in the market X percent of portfolio value (as it changes over time). So if my shorted UVXY drops below this percent (as it does on the vast majority of days), I would short more to get it back up to that X percent. So then I fiddled with the X percent until I got the same 17.06% IRR as I did with my SPY holdings. And you know at that 17.06% IRR what my max drawdown was? 83.5%. WOW. Way, way worse than just buying and holding SPY. Then I did the same shorting spreadsheet with SDS that I did with UVXY. Fiddling around until I got the same 17.06%, I got a max drawdown of 36.73%. Not too much worse than just holding the SPY itself, but still worse. However, in addition, neither this one nor the UVXY test takes into account the short interest payments you'll have to make each day on your started shares. I'm going to test a million different things to come, but the moral of the story: SPY, you are looking as sexy as ever, I want to hold you for eternity. Hope some people get some value out of this, any thoughts/ideas welcome, especially as to things to test (that I can on an excel platform).