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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