The Week in Review
I feel like the portfolio is a big rubber band. Either it's going to snap back and I'll be really happy or it's just going to break. I was feeling pretty good at the end of Thursday when the market took a breather but then on Friday the Russell came all the way back and then some. The portfolio was down -0.14% this week. The ETF for the S&P 500, SPY, was up +0.57% and the ETF for the Russell 2000, IWM, was up +1.47%.
With the market up again this week, the SPY Put Write and Delta Hedge added positively to the portfolio again this week. This time, it added 12 bps.
I finally dipped my toe back into the VIX calendars strategy again. I added 10 put calendars with an 18 strike with the near short month expiring on May 18th. If VIX stays below 20, I should be okay. This strategy subtracted 12 bps from the portfolio this week.
The SPX Broken Wing Butterflies and Ratios were kind of meh this week. No big deal, This strategy subtracted 8 bps from the portfolio this week.
The RUT Iron Condors required one adjustment this week where I rolled out some call spreads to deal with the continual up move. This strategy subtracted 7 bps from the portfolio this week.
The RUT Butterflies were just biding their time this week. I had to adjust a May trade by rolling up one of the Butterflies and a June trade is now fully on. This strategy added 1 bp to the portfolio this week.
Contribution to Return
| STRATEGY | WTD | MTD | YTD |
|---|---|---|---|
| SPY Put Write and Delta Hedge | 0.12 | 0.48 | 1.63 |
| VIX Calendars | -0.12 | -0.15 | -0.28 |
| SPX Broken Wing Butterflies and Ratios | -0.08 | 0.22 | -4.26 |
| RUT Iron Condors | -0.07 | 0.09 | -0.67 |
| RUT Butterflies | 0.01 | -0.07 | -1.52 |
| TOTAL | -0.14 | 0.56 | -5.09 |