OverviewPerformanceLive TrackComposition
VIX HEDGED NAV 573.52  ·  June 30, 2026
Oriskany
Oriskany  ·  Global Equities Hedged
Live Track Record

Global Equity Smart Tactical
Hedged TR

Basket simulation — BNP Paribas Multi-Asset Tactical Allocation with permanent dynamic VIX Future hedge  ·  EUR Total Return

Excluding fees  ·  Historic track from November 7, 2018  ·  Live track record from December 31, 2024

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Permanent Dynamic VIX Future Hedge — Unlike the unhedged version, this strategy incorporates a continuous and dynamic VIX Future overlay. The hedge ratio is recalculated daily based on realised versus implied volatility spread, providing systematic downside protection across all market regimes while preserving full participation during calm environments. The VIX overlay significantly reduces drawdowns and portfolio volatility, delivering a superior risk-adjusted profile relative to the unhedged basket.
Historic · Nov 7, 2018
+473.52%
Total Return
+24.7%
Ann. Return
1.52
Sharpe (252d)
-15.82%
Max DD
● Live · Dec 31, 2024
+23.14%
YTD Return
+14.4%
Ann. Return
1.4
Sharpe (252d)
-8.9%
Max DD
Vol (Historic)15.26%
Vol (Live)9.96%
Calmar1.56
Pos. Months71%
HISTORIC NAV · BASE 100 · NOV 2018 – JUN 2026

Historic Track Record

Strategy Overview — From November 7, 2018

Base 100 at November 7, 2018  ·  Excluding fees  ·  EUR Total Return  ·  Permanent dynamic VIX Future hedge

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Permanent Dynamic VIX Future Hedge

This strategy integrates a continuous VIX Future overlay recalculated daily based on the ratio of realised portfolio volatility to VIX Future implied volatility. The hedge activates proportionally — larger in high-volatility regimes, smaller when markets are calm — delivering systematic tail-risk protection at all times. This results in a significantly lower Max Drawdown (-15.82% vs. -28.46% unhedged) and improved Sharpe Ratio (1.52 vs. 1.22 unhedged), at the cost of a modest reduction in peak bull-market returns due to hedge drag during low-volatility periods.

573.52
Latest NAV
Base 100 · Nov 2018
+473.52%
Total Return
Since inception
+24.7%
Ann. Return
252-day basis
1.52
Sharpe Ratio
252-day basis
-15.82%
Max Drawdown
September 30, 2022
15.26%
Ann. Volatility
252-day basis
0.58
Beta vs. S&P 500
252-day basis
Historic NAV Performance — Base 100 (November 7, 2018) — VIX Hedged
Excluding fees  ·  EUR Total Return  ·  Vertical marker = live track start (Dec 31, 2024)
Drawdown History
Underwater curve — UCITS peak-to-valley (VIX hedge significantly reduces drawdowns)
Rolling 1-Year Sharpe Ratio (252d)
Current: 0.6952 = Sharpe 1Y: 0.7 ✓

Live Track Record

Live Performance — From December 31, 2024

Base 100 at December 31, 2024  ·  Excluding fees  ·  EUR Total Return  ·  VIX hedged

● Live Track Record — Dec 31, 2024
+23.14%
Total Return
+14.4%
Ann. Return
1.4
Sharpe (252d)
9.96%
Volatility
-8.9%
Max DD
Historic Track — Nov 7, 2018
+473.52%
Total Return
+24.7%
Ann. Return
1.52
Sharpe (252d)
15.26%
Volatility
-15.82%
Max DD
Live NAV — Base 100 (December 31, 2024)
VIX hedged  ·  Excluding fees
Live Drawdown
Peak-to-valley since Dec 31, 2024 (VIX hedge reduces peak drawdown)

Returns

Performance Analysis

Full historic period: November 7, 2018 – June 30, 2026  ·  VIX hedged  ·  252-day annualisation

Monthly Return Calendar — Historic (%)
65/91 positive months (71%)  ·  VIX hedged
Annual Returns — Historic (VIX Hedged)
2026 partial year (YTD to June 30)
MetricHistoric (SI)Live (Dec 31, 2024)Last 12M
Total Return+473.52%+23.14%+6.25%
Annualised Return (252d)+24.7%+14.4%—
Annualised Volatility (252d)15.26%9.96%9.34%
Sharpe Ratio (252d)1.521.40.7
Max Drawdown-15.82%-8.9%—
Beta vs. S&P 5000.580.520.49
Calmar Ratio1.56——
% Positive Months71% (65/91)——
VIX HedgePermanent & dynamicPermanent & dynamic—
Historic InceptionNovember 07, 2018——
Live Track Inception—December 31, 2024—
Report DateJune 30, 2026June 30, 2026—
Maximum Drawdown (Historic) — UCITS Peak-to-Valley
MDD : -15.82%  ·  Peak : March 29, 2022  ·  Trough : September 30, 2022
Drawdown : 133 business days (185 cal. days) ·  Recovery: 117 business days (165 cal. days)
Beta vs. S&P 500
Computed on weekly EUR total returns, 252-day (rolling annual) basis. The permanent VIX Future hedge and diversified futures allocation (US & Eurozone equities, EUR money market) structurally reduce market beta versus a long-only equity benchmark.
Key Ratios Comparison
Historic SI vs. Live vs. Last 12M (252d basis)

Portfolio

Current Composition — June 30, 2026

BNP Paribas basket + permanent VIX Future overlay  ·  EUR Total Return  ·  Three equity indices + VIX hedge + cash

BNPIESTC Index · EUR
BNP Paribas EUR Capitalized Monetary Index
+114%
Qty: 9.20 · Price: 1,083.60 · Value: €9,968.98
BNPIFUS Index · USD
BNP Paribas US Equity Futures Index ER
+84%
Qty: 15.04 · Price: 558.64 · Value: €7,345.56
BNPIFEU Index · EUR
BNP Paribas Eurozone Equity Futures Index ER
+30%
Qty: 10.63 · Price: 246.69 · Value: €2,623.42
🛡 VIX Future Hedge — Overlay Mechanics
Permanent & dynamic  ·  Recalculated daily  ·  Instruments: VIX Front-Month Future
The VIX overlay ratio is computed daily as Portfolio Realised Vol / VIX Future Implied Vol. A long VIX Future position proportional to this ratio is maintained at all times, providing convex payoff during volatility spikes. The overlay size automatically increases in calm regimes (when VIX is cheap) and decreases during stress periods (when VIX is expensive), creating a cost-efficient permanent hedge. This structure is analogous to a continuously delta-hedged volatility exposure — capturing the risk premium while maintaining full equity upside participation during trending markets.