VIX Traders see Feb returns from +30% to -95%

With our whitepaper covering the various ways investors invest in the VIX, how to trade the vix infographic, and various VIX posts – we should have expected our inboxes to be filling up with people asking how the various VIX and volatility traders in the managed futures space performed this week with the VIXmageddon on Monday.  And have they ever, with investors curious as to how these firms managed the first real VIX spike since maybe 2008 (with honorable mention to 2011).

CBOE VIX historical moves(Disclaimer: Past performance is not necessarily indicative of future results)

And it wasn’t just the spike and resulting with the VIX futures move, there was pain in stock index options as well, with one trader mentioning in his letter to investors that the option pricing was even more extreme than in 2008, with a much, much lower S&P 500 index move.  When the dust settled on Tuesday, there were a few clear winners (Pearl Capital Advisors – Hedged VIX (QEP)) and some large losers; with a bunch of firms there in the middle, either losing material (but not firm ending) amounts or deftly avoiding the mess and finding themselves about even for the month.

Here is our completely unofficial listing of several volatility trading firms, via both VIX and index options, and how they have fared thus far in February – with the very big disclaimer that these aren’t official numbers from the managers, include just Monday’s results in some cases, include all of Feb in other cases, and have been gleaned from our own estimates, client accounts, manager reports, conversations, observations, and more.

Schedule a call with us for more color on each of these managers, why they performed as they did, and what the coming weeks and months look like for their programs.

Past Performance is Not Necessarily Indicative of Future Results

  1. Pearl Capital Advisors – Hedge VIX (QEP)   +32%
  2.  CCM Tactical Growth Program +9%
  3. Aleph Strategies – Aleph Options   +1%
  4. Double Helix Capital  0%
  5. HiProb Capital Management – HiProb-I (QEP)  0%
  6. Warrington Asset Management – Strategic (QEP) 0%
  7. Certeza Asset Management – Macro Vega 1%
  8. Global Sigma Group – Global Sigma Plus (QEP)  -3%
  9. Esulep Management -Permo Fund (QEP)   -4%
  10. Diamond – Enhanced S&P  -6%
  11. Orion Asset Management – Beta Opportunity (QEP)  -7%
  12. Cauldron  – Stock Index Plus (QEP)  -9%
  13. BlueNose – BNC BI -10%
  14. Carbide – Absolute Return  -30%
  15. Marmon – VIX Program 1 (QEP)  -35%
  16. GNE Management – S&P Futues & Options Strategies  -38%
  17. LJM Partners – Preservation Growth Fund (QEP) -82%
  18. Intex – Covered Program -95%


The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

The programs listed here are a sub-set of the full list of programs able to be accessed by subscribing to the database and reflect programs we currently work with and/or are more familiar with.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history. Individuals cannot invest in the index itself, and actual rates of return may be significantly different and more volatile than those of the index.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

Limitations on RCM Quintile + Star Rankings

The Quintile Rankings and RCM Star Rankings shown here are provided for informational purposes only. RCM does not guarantee the accuracy, timeliness or completeness of this information. The ranking methodology is proprietary and the results have not been audited or verified by an independent third party. Some CTAs may employ trading programs or strategies that are riskier than others. CTAs may manage customer accounts differently than their model results shown or make different trades in actual customer accounts versus their own accounts. Different CTAs are subject to different market conditions and risks that can significantly impact actual results. RCM and its affiliates receive compensation from some of the rated CTAs. Investors should perform their own due diligence before investing with any CTA. This ranking information should not be the sole basis for any investment decision.

See the full terms of use and risk disclaimer here.