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![schaeffers Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::22814481.png) Schaeffer's Investment Research [@schaeffers](/creator/twitter/schaeffers) on x 9328 followers
Created: 2025-07-16 13:47:52 UTC

$SPY puts have been a rough ride since 2017, especially when $VIX > VIX futures. Median return? -XXX% across all setups. Most expire worthless in bull markets. Even with high VIX futures premiums, puts only finished positive ~23% of the time. Strong trend = weak protection.

![](https://pbs.twimg.com/media/Gv-73PTXEAEM7op.png)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945480507422065144/c:line.svg)

**Related Topics**
[spy](/topic/spy)
[futures](/topic/futures)
[vix](/topic/vix)
[$vix](/topic/$vix)
[return on investment](/topic/return-on-investment)
[investment](/topic/investment)
[$spy](/topic/$spy)

[Post Link](https://x.com/schaeffers/status/1945480507422065144)