{"slug":"crypto-covered-call-etfs","qid":"drawdown","label":"drawdown","post_title":"crypto-covered-call-etfs","post_url":"/blog/crypto-covered-call-etfs#q-drawdown","columns":["month","mstr_below_peak_pct","coin_below_peak_pct"],"rows":[{"month":"2024-09-01","mstr_below_peak_pct":58.3,"coin_below_peak_pct":52.8},{"month":"2024-10-01","mstr_below_peak_pct":39.5,"coin_below_peak_pct":52.5},{"month":"2024-11-01","mstr_below_peak_pct":4.1,"coin_below_peak_pct":21.6},{"month":"2024-12-01","mstr_below_peak_pct":28.4,"coin_below_peak_pct":34.3},{"month":"2025-01-01","mstr_below_peak_pct":17.2,"coin_below_peak_pct":22.9},{"month":"2025-02-01","mstr_below_peak_pct":36.8,"coin_below_peak_pct":42.9},{"month":"2025-03-01","mstr_below_peak_pct":28.7,"coin_below_peak_pct":54.4},{"month":"2025-04-01","mstr_below_peak_pct":6,"coin_below_peak_pct":46.3},{"month":"2025-05-01","mstr_below_peak_pct":8.7,"coin_below_peak_pct":34.7},{"month":"2025-06-01","mstr_below_peak_pct":0,"coin_below_peak_pct":7.2},{"month":"2025-07-01","mstr_below_peak_pct":0.6,"coin_below_peak_pct":0},{"month":"2025-08-01","mstr_below_peak_pct":17.3,"coin_below_peak_pct":19.4},{"month":"2025-09-01","mstr_below_peak_pct":20.3,"coin_below_peak_pct":10.7},{"month":"2025-10-01","mstr_below_peak_pct":33.3,"coin_below_peak_pct":9},{"month":"2025-11-01","mstr_below_peak_pct":56.2,"coin_below_peak_pct":27.8},{"month":"2025-12-01","mstr_below_peak_pct":62.4,"coin_below_peak_pct":40.1},{"month":"2026-01-01","mstr_below_peak_pct":63,"coin_below_peak_pct":48.4},{"month":"2026-02-01","mstr_below_peak_pct":68,"coin_below_peak_pct":53.4},{"month":"2026-03-01","mstr_below_peak_pct":69.1,"coin_below_peak_pct":53.8},{"month":"2026-04-01","mstr_below_peak_pct":59.1,"coin_below_peak_pct":50.3},{"month":"2026-05-01","mstr_below_peak_pct":60.6,"coin_below_peak_pct":50},{"month":"2026-06-01","mstr_below_peak_pct":78.5,"coin_below_peak_pct":61.3},{"month":"2026-07-01","mstr_below_peak_pct":76.9,"coin_below_peak_pct":61.3},{"month":"2026-08-01","mstr_below_peak_pct":67.1,"coin_below_peak_pct":50.2}],"shape":"series","sql":"WITH monthly AS\n(\n    SELECT\n        ticker,\n        toStartOfMonth(date)           AS m,\n        argMax(toFloat64(close), date) AS month_close\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker IN ('MSTR', 'COIN')\n      AND date >= toStartOfMonth(today() - 730)\n      AND date <  toStartOfMonth(today())\n    GROUP BY ticker, m\n),\npeaks AS\n(\n    SELECT ticker, max(month_close) AS peak_close\n    FROM monthly\n    GROUP BY ticker\n)\nSELECT\n    toString(mo.m) AS month,\n    round(avgIf((1 - mo.month_close / pk.peak_close) * 100, mo.ticker = 'MSTR'), 1) AS mstr_below_peak_pct,\n    round(avgIf((1 - mo.month_close / pk.peak_close) * 100, mo.ticker = 'COIN'), 1) AS coin_below_peak_pct\nFROM monthly AS mo\nINNER JOIN peaks AS pk ON pk.ticker = mo.ticker\nGROUP BY month\nHAVING countIf(mo.ticker = 'MSTR') > 0\n   AND countIf(mo.ticker = 'COIN') > 0\nORDER BY month","computed_at":"2026-09-25T14:51:09.024565+00:00","elapsed":0.107969441}