短期来看，衍生产品不一定100%underperform 其 equity本身

比如卖covered call的，在ETF横盘，微涨和下跌期间会超越ETF本身。但承担几乎同样的大跌风险和大涨的机会成本。

各有其存在理由。

所有跟帖： 

• 短期是的。长期来说基本不如。一次大涨，CC就会菜很多，很难追上。要考虑税的话，就更不如了 -QQQ2074- ♂ (86 bytes) () 12/14/2025 postreply 08:15:02

• No one can predict short term market movement -三心三意- ♂ (76 bytes) () 12/14/2025 postreply 08:21:57

• 破唱片重放，No one can predict short term market 是个伪命题 -枪迷球迷- ♂ (242 bytes) () 12/14/2025 postreply 08:29:47

• We are confusing asset allocation and trading strategy here -三心三意- ♂ (409 bytes) () 12/14/2025 postreply 08:34:33

• Agree with this clarification! :) -晓炎- ♀ (0 bytes) () 12/14/2025 postreply 08:37:11

• +1 -dancingpig- ♀ (0 bytes) () 12/14/2025 postreply 10:51:43

• +1 -aloevera- ♀ (0 bytes) () 12/14/2025 postreply 23:53:14