The VIX is a synthetic index whose value is derived from the implied volatility of the S&P 500 index options (computed from the premium of around-the-money options on the SPX cash index a certain amount of time ahead), without fundamentals, tradeable only via futures contracts and ETFs that own those futures.

It's a second derivative tradeable only via third derivative.

This is very very zero-sum.

The overwhelming majority of these actively managed funds fail to beat the returns of the S&P 500. [1]

In fact over 15 years 92% of actively managed large-cap funds trail the returns of the S&P 500.

Stop trading.

[1] https://www.cnbc.com/2019/03/15/active-fund-managers-trail-t...

Well, 92% of actively managed funds underperform the S&P 500 on a 15 year trailing basis [1] so I'm going to say probably a lot.

[1] https://www.cnbc.com/2019/03/15/active-fund-managers-trail-t...