Now, let’s look at these same values for the SPDR ETF. The results are shown in “Crabel SPDR test” (below). The dollar values are based on a 100-lot position. At 100%, the Crabel ORB still peaks in 2008, but the drawdown is less pronounced than with the E-mini. The same is the case at 50%, while the 25% Crabel stretch is by far the best of all the tests.