XIV did great in 2017, but so far this year it has greatly underperformed what a 3-4 beta to the S&P 500 would predict. I though the prospect of a government shutdown was causing underperformance, but even with that averted, it has done poorly relatively considering the environment of low realized volatility with an upward drift. Is it concerns about a trade war? The Trump administration has recently imposed some tariffs. Of course, the market does not answer questions about what it does, but I am wondering what is going on.