Desk research · Proprietary capital

A daily record of our trading desk

Ekalon trades systematic books in US and Indian futures and index options with its own money. Every trading day we publish a note on MES, MGC, CL, NIFTY, SENSEX and GIFT Nifty, how each of our books did, how closely live trading followed its model, and how much risk it carried.

Live and research kept apartReturns as % of capitalNo rules, strikes or positions

Latest note

Tuesday 10 November 2026

Desk note

Nifty 50 moves 0.06% against an implied 1.10% move

Micro E-mini S&P 500 realised 0.07% on a 1.25% implied move as the VIX fell 2.31%.

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Track record · updated 10 Nov 2026

Books

Live curves start on each book's first live session. Research history sits beside them and is never joined on.

US Index Options

Systematic, S&P 500 index options

Live since 7 Jul 2026Research from 15 Feb 202319 sleeves

Last session: +0.05%
Month to date: +1.32%
Since live start: +1.79%
Live max drawdown: -9.13%

LiveEquity, indexed to 100

ResearchEquity, full history

Statistics

Statistic	Live	Research
Sessions	84	935
Total return	+1.79%	+255.22%
Annualised return	+5.4%	+68.8%
Annualised volatility	13.2%	26.3%
Sharpe	0.41	2.61
Sortino	0.41	4.03
Max drawdown	-9.1%	-6.4%
Current drawdown	-6.1%	-2.1%
Longest drawdown, sessions	36	67
Up sessions	64%	62%
Best session	+2.29%	+4.63%
Worst session	-3.41%	-4.73%
Skew	-1.33	-0.51

ResearchDrawdown from previous high

ResearchMonthly returns, % of capital

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2026	10.0	14.1	8.7	11.2	-3.8	6.0	-19.4	13.6	-0.5	-6.0	8.6		42.6
2025	4.4	11.0	14.0	10.2	8.3	-4.1	1.8	13.1	11.9	1.5	-5.7	21.7	88.2
2024	2.5	5.3	6.8	5.0	5.1	1.4	8.6	0.5	7.2	13.7	6.3	0.2	62.6
2023		7.7	8.6	2.6	13.7	-1.0	8.5	-0.7	5.0	0.3	10.4	6.6	61.8

India Index Derivatives

Systematic, NIFTY and SENSEX options

Live since 12 Oct 2026Research from 3 Jan 20228 sleeves

Last session: n/a
Month to date: +1.94%
Since live start: +1.37%
Live max drawdown: -1.30%

LiveEquity, indexed to 100

ResearchEquity, full history

Statistics

Statistic	Live	Research
Sessions	19	1191
Total return	+1.37%	+39.26%
Annualised return	+18.1%	+8.3%
Annualised volatility	5.5%	3.3%
Sharpe	3.29	2.49
Sortino	9.46	5.31
Max drawdown	-1.3%	-1.9%
Current drawdown	0.0%	-0.6%
Longest drawdown, sessions	15	106
Up sessions	47%	52%
Best session	+1.16%	+2.38%
Worst session	-0.43%	-0.62%
Skew	1.66	2.73

ResearchDrawdown from previous high

ResearchMonthly returns, % of capital

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2026	-0.6	2.6	1.5	1.7	1.9	-0.7	0.3	-1.4	0.9	-0.6	1.2		6.7
2025	-0.2	1.0	-0.1	3.1	1.0	1.8	0.4	0.8	0.8	0.5	0.2	0.7	9.9
2024	1.0	0.7	0.6	1.3	0.5	0.6	0.5	-0.4	1.3	0.4	1.6	0.9	8.9
2023	-0.4	-0.1	0.7	-0.3	0.6	-0.2	-0.2	0.7	0.6	0.9	0.0	2.3	4.6
2022	0.9	1.3	1.5	-0.0	-0.2	1.0	0.6	1.3	0.2	-0.2	0.9	1.7	9.1

Execution

Live trading against the model

US Index Options

Live against the model on the same 90 sessions and the same capital.

Daily correlation: 0.97
Live minus model: +1.07%
Slippage: 12.5 bps
Fees: 5.3 bps

Live 102.8Model 101.8

India Index Derivatives

Live against the model on the same 19 sessions and the same capital.

Daily correlation: 0.91
Live minus model: +0.28%
Slippage: 9.4 bps
Fees: 58.5 bps

Live 101.4Model 101.1

Correlation

Books against each other and the market

Daily return correlation over the full research history, 880 common sessions.

	US options	India options	NIFTY 50	S&P 500
US options	1	-0.01	0.07	-0.07
India options	-0.01	1	-0.07	-0.01
NIFTY 50	0.07	-0.07	1	0.13
S&P 500	-0.07	-0.01	0.13	1

All desk notes

10 Nov 2026Nifty 50 moves 0.06% against an implied 1.10% move+0.05%

9 Nov 2026Nifty range 0.05x normal while India VIX rises 12% on a 2% Sensex gain-0.74%

6 Nov 2026S&P 500 0DTE volatility 41% against 19% normal+0.35%

Disclosure

Ekalon Solutions trades this desk with its own proprietary capital. It does not manage outside money, give investment advice or sell signals, and it is not registered with SEBI as a research analyst or investment adviser. Returns are percentages of the capital allocated to each book. India live results are after estimated exchange charges, taxes and brokerage. Research results are simulated: they are hypothetical, are built with hindsight and are always shown apart from live results. Past performance does not indicate future results. Nothing on this page is an offer or a recommendation to trade any instrument.