S&P 500 dropped 19.35% and JOJO.Index was up 4.78% in the Q4 2018 backtest, Michael A. Gayed notes

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11.11.2026

S&P 500 dropped 19.35% and JOJO.Index was up 4.78% in the Q4 2018 backtest, Michael A. Gayed notes — S&P 500 fell, JOJO.Index rose in backtest

S&P 500 declined by 19.35% and high yield fell by 5.9% from September 20 to December 24 in Q4 2018, based on backtested results. During this period, long Treasuries gained 4.53%. Michael A. Gayed added that the backtested JOJO.Index rose 4.78%, experiencing credit-off conditions for 10 out of 15 weeks. He noted that this performance was hypothetical and not based on live results.

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Gayed previously highlighted that high yield option-adjusted spreads reached 343 basis points as of November 2, standing 83 basis points above the 12-month low and below the 10-year average of 383 basis points (link). In a separate note, he reported that Smith & Wesson's debt fell by 44% while suppressor revenue increased 95.6% in the first half (link). Both updates reflected distinct shifts in credit markets and corporate performance.

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