Hey there!

I would argue that it’s a good thing that the programs aren’t always doing the same thing!

ETF Program takes into account much more price based information. Vol, reversion etc. in this crazy, whipsawing backdrop— it’s tough for the price-based inputs to gain convocation that translates to size. The program is worried about reversal risk.

Fwiw my general note is that Macro Cycle Program is seeing things more clearly— and hence I think Macro Cycle allocations plus trailing stops gets you the best of both worlds. Participation, but drawdown protection