Emerging Markets: Go long via EEM, go short via EDC

Here's a chart of EEM (blue/yellow) vs EDC (red). Both ETFs are based on the MSCI Emerging Markets Index, but EDC is 3x leveraged while EEM is not leveraged at all.

The VIX fell from 50 to 30 during the market's rebound from the March lows, so EDC didn't gain as much as EEM.

VIX spiked to 30 from 20 during our drop to SPX 1030 a few months ago and has since fallen back to 20. While EEM rebounded from the drop, EDC rebounded as well but then took a dive due to a falling VIX.

Moral of the story: Go long EEM, go short by selling EDC calls.