Results

Rolling Butterfly Strategy

A delta-neutral options income strategy trading staggered monthly positions across the S&P 500 and Russell 2000, actively hedged through changing market conditions. Positions are laddered on a roughly two-month cadence, so several are working at once at different stages of their life.

Realized result by year, scaled to the largest year. Values are omitted deliberately — position sizing isn’t disclosed. 2026 is year to date.

The strategy is short gamma, which means its difficult regime is a fast, large move rather than a falling market. 2022 was a bear market and the book still finished up. Spring 2025 was the real test — a sharp, fast drawdown, and the largest loss in the record. The following year more than recovered it. A track record this long is useful mainly because it contains that episode instead of avoiding it.

Leveraged ETF Strategy

Growth of $100 invested at the start of the backtest, monthly resolution.

The gap between the two lines in the chart above is the edge: rotating into a non-correlated asset during high-volatility periods, rather than sitting in cash, outperforms buy-and-hold on both return and drawdown. A walk-forward test (expanding window, one year out-of-sample at a time) confirms the edge holds up in 6 of 7 test years.

0DTE SPX Strategy

As a defined-risk, high-cadence income strategy, dollar P&L depends heavily on position sizing, so it’s left out here on purpose. The two visuals below tell the more honest story: a consistent win rate, and the actual shape of outcomes behind it.

Frequent small wins cluster tightly on the right, with a thin tail of larger losses on the left when a defined-risk position gets fully breached. That asymmetric shape — high win rate, occasional larger loss, capped by design — is the actual signature of this strategy.