# Relative Return Performance of Different Strategies in Various Markets

Constant Mix | Buy & Hold | CPPI | |
---|---|---|---|

Market Condition | |||

Up | Underperform | Outperform | Outperform |

Flat (oscillating) | Outperform | Neutral | Underperform |

Down | Underperform | Outperform | Outperform |

Investment Implications | |||

Payoff Curve | Concave | Linear | Convex |

Portfolio Insurance | Selling Insurance | None | Buying Insurance |

Multiplier | 0 < m < 1 | m = 1 | m > 1 |

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