Many on this board should stay away..... very few people/traders have any idea how HVU works.....
It's quite obvious that if HVU only went up marginally compared to SP500 downside that the SP500 move to the downside was not based on extreme fear in the market.....More of a calculated move to the downside without any sort of fear/panic is what causes muted HVU moves to the upside...
I'm not prepared to go into the metrics of HVU and what it tracks. The internet is a powerful tool, use it to your advantage when deciding to take a position in these wild and crazy overbought markets......