I’ve noticed that TMF has not been rising in response to falls in SPXL, or at least its response is muted. Additionally, it has had considerable downside recently.
In view of this, are there any other hedges we could be using?
Or perhaps moving out of leveraged products and into unleveraged SPY/TLT type trades (UIS)?
Have there been similar periods of hedges losing their inverse correlation to risk assets that we can draw some lessons from?