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OLS For IWM Vs. VXZ = -0.6583409 OLS For VXZ Vs. IWM = -1.03481 TLS For IWM Vs. VXZ = -0.7611657 TLS For VXZ Vs. IWM = -1.313774 The OLS Hedge Ratios Are Inconsistent Because 1 / -0.658 = -1.520, Not -1.035., Which Is A Substantial Di Erence. The TLS Ratios, However, Are Consistent Be-cause May 1th, 2024

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