15c / 9b — Final Value
$963K
8.0% CAGR · Sharpe 0.69 · σ 10.5%
11.5c / 15b — Final Value
$706K
7.0% CAGR · Sharpe 0.73 · σ 7.9%
Raw S&P 500 — Final Value
$2.25M
11.1% CAGR · Sharpe 0.51 · σ 18.1%
Buffer Fired (Crisis-Level)
3 / 30
2002, 2008, 2022 — only years loss > buffer
Worst Year — 15c/9b
−28.0%
2008 · S&P was −37.0% · saved 9pp
Best Sharpe Ratio
0.73
11.5c/15b · vs 0.69 (15c/9b) · 0.51 (S&P)
📈 Cumulative Growth — $100K invested Jan 1995
■ Annual Returns — Year by Year
| Metric |
15c / 9b |
11.5c / 15b |
Raw S&P 500 |
Winner |
◆ Full Year-by-Year Data (1995–2024)
| Year |
S&P 500 |
15c/9b Return |
11.5c/15b Return |
Cap Hit? |
Buffer Fired? |
| Year |
S&P 500 Return |
15c/9b Value |
11.5c/15b Value |
Raw S&P Value |
Gap (9b vs Raw) |
📈 Risk-Adjusted Return Decomposition
ⓘ When Did the Buffer Actually Help?
| Year |
S&P 500 |
15c/9b Return |
11.5c/15b Return |
9b Saved |
15b Saved |
Event |
Outperformance — Final Value
—
3× NDX · cap 19% · no buffer
Raw Nasdaq-100 — Final Value
—
No cap · no buffer
Raw S&P 500 — Final Value
—
Benchmark reference
Worst Year
−41.7%
2008 — full NDX loss, no protection
Cap Fires
—
Years NDX return × 3 exceeded 19%
Sharpe Ratio
—
vs raw NDX and S&P 500
📈 Cumulative Growth — $100K invested Jan 2005
■ Annual Returns — Year by Year
| Metric |
3× NDX (cap 19%) |
Raw NDX |
Raw S&P 500 |
Winner |
◆ Full Year-by-Year Data (2005–2024)
| Year |
NDX |
3× NDX |
Capped Return |
S&P 500 |
Cap Hit? |
| Year |
3× NDX Value |
Raw NDX Value |
Raw S&P Value |
Gap (3× vs NDX) |
📈 Risk-Adjusted Return Decomposition