$VIX, $SPX. Vix backwardation is useful as an equity timing tool. Strategy Long  $SPX until $vix future roll yield (30 day weighed average future) &lt;-5. Go long again when roll yield&gt;-5. The strategy has 2% pa higher return than $SPX and 5% less volatility. Drawdown 20% less also. https://t.co/ejOSA0BcO8