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As a side note, we encourage people to look at the big picture and not focus on the last few weeks. Anchor is has been CRASHING the S&P 500 since inception, up 223.3%, compared to S&P 500 return of 134.7% (as of 12/31/2024). We also recommend reading How Anchor Survived the 2020 Crash. On March 19 2020, SPY at 234 (down 30%), Anchor UP $5k (~3%).

And I would also encourage everyone to look at a year to year basis -- not a month to month, just because of how the strategy works. The hedges have to both kick in and be paid for. The "worst" case for the strategy is about a 7% SPY drawdown right after opening a new year strategy. At that point you've not paid for the hedge at all, plus you've lost some on the diagonal, and as the hedge doesn't really start until a 5% drawdown, then you haven't gotten the advantage of having it. On a 12 month rolling basis, it works great (except for one period due to an odd mix of market crash plus volatility dropping, but we did address that). Anchor ideally outperforms in up markets (those up over 10%) and in crashes (over 15% to 20%). In flat markets (5% to -5%) we EXPECT to underperform. In small down markets (-5% to -10%) it's a tossup depending on a lot of factors if we outperform or over perform. (Past performance does not always indicate future performance)

On the "liberation day" crash, we just barely missed what I would have considered to be our roll point for the hedges. On that day, S&P was down about 17% and my portfolio was down about 10%. We didn't quite hit the roll point, so now we've sort of inverted with the S&P being down about 6% while my portfolio is down about 11%. But if we continue to recover, portfolio should recover faster here. If we retest lows, we should be able to roll this time and lock in being ahead. If we just float right here, we should be able to make pretty good premium on our diagonals, but I would assume we would lag the market a bit. Had the price of SPY dropped about another $10, we likely would have rolled our hedges and been up. Sometimes we just don't quite hit the break point though.