Hello Wesley
This is an excellent read - easy to understand and follow with the examples and calculations you provided.
Thank you for taking the time to do so.
One question - in running these calculations through some returns I have I wondered if using the measure "return per unit of volatility exposure" is a better measure of comparison than just using volatility (third number in the last table instead of the second number in the table).
Akin to the Sharpe ratio, using "return per unit of volatility exposure", then one could compare how much this "return per unit of volatility exposure" per unit of fees paid (USD, CAD, etc) is relative to another investment option.
Just a thought.
Once again, thank you for this.
Best wishes
Savio