Doyoumoney

Wheel strategy IRR vs buy-and-hold performance breakdown

This is from a reddit thread - can you explain - his account summary, and IRR from option selling vs from long? Skip to main content Week 26 $502 in premium : r/thetagang r/thetagang Search in ⁨r/thetagang⁩ Advertise on Reddit Open chat Create Create post Open inbox User Avatar Expand user menu Skip to NavigationSkip to Right Sidebar Back Go to thetagang r/thetagang • 2mo ago Expired_Options Week 26 $502 in premium r/thetagang - Week 26 $502 in premium I will post a separate comment with a link to the detail behind each option sold this week. After week 26, the average premium per week is $759 with an annual projection of $39,464. All things considered, the portfolio is up $9,019 (+2.01%), on the year (S&P 500: +7.43% | Nasdaq: +8.84%). Additionally, the trailing 1-year performance is up $49,046 (+11.97%); for comparison the S&P 500 is +19.75% and the Nasdaq is +25.43% over the same period. This is the overall profit and loss and includes options and all other account activity. Annual results: • 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4% • 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6% • 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4% 3-Year Cumulative (2023–2025): • r/ExpiredOptions: +146.6% ($241,509) • S&P 500: +86.1% (+60.4% behind) • Nasdaq: +122.0% (+24.5% behind) Options: • YTD: $26,205.00 • 1 Month: $7,438.00 • 1 Week: $1,367.00 Realized P&L: • YTD: $24,617.83 • 1 Month: $2,510.00 • 1 Week: $3,208.00 All options sold are backed by cash, shares, or LEAPS. I do not sell on margin, nor do I sell naked options. All options and profits stay in the account with few exceptions. This is not my full time job, although I wish it was. I still grind on a 9-5. My $600 weekly contribution streak is at 18 weeks, but I am pausing new contributions until next month. The portfolio is comprised of 101 unique tickers, unchanged from 101 last week. These 101 tickers have a value of $416k. I also have 191 open option positions, down from 194 last week. The options have a total value of $43k. The total of the shares and options is $459k. The next goal on the "Road to" is Half a Million. I'm currently utilizing $37,050 in cash secured put collateral, down from $39,650 last week. 2025 through 2028 LEAPS In addition to the CSPs and covered calls, I purchase LEAPS. These act as collateral to sell covered calls against. You may have heard of poor man's covered calls (PMCC). See r/ExpiredOptions for a detailed spreadsheet update on all LEAPS positions including P/L for each individual position. LEAPS note 1: the 2025 LEAPS expired 1/17/25. They were up $36,440 overall with a 233.74% increase. The major drivers were AMZN and CRWD. LEAPS note 2: After holding for 2 years, I exercised an AMZN $80 strike from 2023 up +$11,395 (+463.21%) and CRWD $95 strike from 2023, up +$21,830 (+663.53%) LEAPS note 3: Purchased 1/16/26 CRWD LEAPS for $8,230.03 on 1/17/24. I sold this LEAPS on 6/5/25 for $21,659 for a realized profit of $13,428.97 (+163.18%) Total premium by year: • 2023 $23,132 in premium • 2024 $47,640 in premium • 2025 $68,319 in premium • 2026 $19,732 YTD • Average $46,364/year (completed years) Premium by month (2026): • January $3,334 • February $3,625 • March $465 • April $5,593 • May $3,787 • June $2,927 • Average $3,289/month I am over $163k in total options premium, since 2021. I average roughly $35 per option sold. I have sold over 4k options. I have been able to increase the premiums on an annual basis and I will attempt to keep this upward trend going forward. Strategy: The underlying strategy is buy and hold. I also use simple 1-legged options to supplement that strategy. Options have somewhat of a learning curve, but I believe that most people can supplement their investments using simple options with careful risk management. I sell options on a weekly basis. I prefer cash secured puts and covered calls. I rarely close early, prefer rolling when needed, and let time decay do the heavy lifting while I stay focused on quality companies, patience, and consistency over hype. My goal is consistency in option premium revenue. I am building an income stream that will continue long into retirement. Spreadsheets: Unfortunately, I no longer provide spreadsheets. I received too many follow ups about formatting, pivot tables, compatibility etc. I think tracking is very important, but I post to discuss investing and options, not to provide tech support for Excel. I do appreciate the interest in my tracking methods. Software: I captured the screen shots from a proprietary software platform I built to track, analyze, and manage my options strategies. Commissions: I use Robinhood as a broker and they do not charge explicit commissions, though there is no free lunch — they earn revenue through Payment for Order Flow (PFOF), which can mean slightly less optimal fills. For my style of selling options and not chasing prices, the tradeoff is acceptable. There is also a small regulatory fee of approximately $0.03–$0.04 per contract (FINRA TAF, OCC clearing, and exchange fees combined). The premiums have increased significantly as my experience has expanded over the last three years. Make sure to post your wins. I look forward to reading about them! Disclaimer: I am not a financial advisor. This information is for educational and entertainment purposes only. Trading options involves significant risk. Upvote 32 Downvote 44 Go to comments Repost Share Join the conversation Sort by: Best Search Comments Expand comment search Comments Section Cri317 • 2mo ago Curious if OP you’ve considered wheeling or selling prem on ETF like SPY? Or QQQ? with your size even wheeling ETF would yield more and less risky than picking stocks. I’m sure you’ve been asked before so trying to understand your logic Upvote 3 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Wheeling SPY or QQQ is a great grind, but the implied volatility (IV) is low. The premium is thin, meaning you have to tie up a decent amount of capital to move the needle. I’d rather chase alpha by selectively selling premium on high-conviction individual stocks where the IV is a bit higher and a bit better capital efficiency. Plus, if the macro environment dumps, the broad indexes take a hit anyway. I'd rather manage risk through sizing on single names I know fairly well. There is nothing wrong with wheeling on ETFs and I have thought about it, it just does not fit my personal preferences. Upvote 3 Downvote Reply Award Share MaximBrutii • 2mo ago When you say you’re selling options on a weekly basis, are you selling monthlies every week? Or are you selling weekly options every week? Upvote 3 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago I prefer same or subsequent week options, but do mix in monthlies. Upvote 3 Downvote Reply Award Share u/Tmdngs avatar Tmdngs • 2mo ago OP, ignore the haters. You are doing great and I envy your consistency! 💯 Upvote 5 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Appreciate the comments. I've been posting since 2023 and have no plans to stop. This whole experience has been interesting. People coming to hate on me for no apparent reason. I do my own thing and just don't interact with things I don't like. Seems like a waste of time to interact with things you don't like, but here they are wasting their time... Upvote 3 Downvote Reply Award Share FAMUgolfer • 2mo ago Are you working with 460k total? So if you sold everything you would have 460k cash? If this is true you can do way more in premiums in CSPs. Upvote 6 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Thanks for the comments. I am working with $460k. If I sold everything, I would have an enormous tax bill. Not sure where I would end up after that overhaul of my current strategy, but it is not just about premiums. Those are secondary to the buy and hold process that I am running. Upvote 2 Downvote Reply Award Share FAMUgolfer • 2mo ago • Edited 2mo ago Except CSPs is all about the premiums though which you are playing. And you’ve had most of these stocks for over a year which would lower your tax burden. So your tax burden is the same regardless. Not a hater, but this is so much movement for only $500 in weekly premiums. Upvote 6 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Did not think you were hating, I'm just more about the buy and hold. I don't stress about the options, I don't need stocks to go a certain direction, they go up and they go down and I try to capitalize on that movement. I am trying to pick long term winners. I agree that $500 is not that much for a week, but there will be plenty of $1,000+ weeks. Also, the premiums are down a bit this year, again, not too worried about it. I have been a bit more conservative with them. Upvote 1 Downvote Reply Award Share FAMUgolfer • 2mo ago Even $1000 with your portfolio is pretty weak. For instance I see you sold puts on QBTS. I love quantum stocks too because their premiums have been juicy for over a year. 7/2 $20p are $0.20. You could use half your portfolio for 100 contracts and collect $2k. Upvote -1 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago True, I could do that. Just playing devils advocate, what if quantum takes a dive and half my portfolio is now a falling knife? Upvote 7 Downvote Reply Award Share FAMUgolfer • 2mo ago u/Paddle_Billing avatar u/Paddle_Billing • Promoted Originally, Kaleido users could only pay in US dollars. When it started to support the payment norms and preferences of users in different locations, it saw a 51% increase in conversions. Localization works. Learn More paddle.com Thumbnail image: Originally, Kaleido users could only pay in US dollars. When it started to support the payment norms and preferences of users in different locations, it saw a 51% increase in conversions. Localization works. Scannerguy3000 • 2mo ago I’ve never seen anyone work so hard to make less than 1% a month. Upvote 9 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago 2.53% over three years > 1% per month. I get it, you don't like work. So, I'm going to do the work for you. You are obviously focussed on the short term, but if you are honest with yourself, I have been outperforming since I started posting in 2023. Unlike any percentage you could tell me you produce, I have posted every Friday (with a couple exceptions) for roughly 156 weeks. Annual results: • 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4% • 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6% • 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4% 3-Year Cumulative (2023–2025): • r/ExpiredOptions: +146.6% ($241,509) • S&P 500: +86.1% (+60.4% behind) • Nasdaq: +122.0% (+24.5% behind) r/ExpiredOptions**:** ~2.53% per month (Avg. to reach +146.6%) Nasdaq: ~2.25% per month (Avg. to reach +122.0%) S&P 500: ~1.74% per month (Avg. to reach +86.1%) Upvote 5 Downvote Reply Award Share Scannerguy3000 • 1mo ago Your words burried in all that garbage. “After week 26, the average premium per week is $759”. And you say you have $460k. $759 / $460k = 0.165% Zero percent a month. Point one, of one percent. And you’re putting in $600 a week. I’ve never seen a worse portfolio. If there’s errors here, it’s because you just vomit dozens of numbers that don’t mean anything. If someone makes a yield, or a daily take, they just post that. If you don’t have anything worth posting, machine gun ‘em with bullshit. Upvote 1 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 1mo ago It is not my problem that you don't take the time to read the write-up and dismiss it as garbage/vomit. For someone who does not like to read or do any work, you sure do waste a lot of your time admiring my work. Keep hating and best of luck to whatever it is that you do. Upvote 1 Downvote Reply Award Share Scannerguy3000 • 1mo ago Thanks. What I do is make $800 a day. Upvote 1 Downvote Reply Award Share u/Outside-Cup-1622 avatar Outside-Cup-1622 • 2mo ago GOOD GOING EXPIRED OPTIONS !!! Based on your portfolio balance, your weekly contributions and adding in the average 40 year return of the S&P I project your portfolio will hit $1,000,000 in Oct of 2031 I added $500 cash to my accounts this week and have added $13,705 so far in 2026. This continues my weekly deposit streak to 2 years and 51 weeks. I am DOWN $14,450 (-1.03%) across all accounts this week and have moved a little further away from my 1.5M goal. May all your holdings be green (or red enough to buy more) Enjoy your weekend and good luck to all traders next week Upvote 4 Downvote Reply Award Share Mug_of_coffee • 2mo ago We need a table showing how the projected $1,000,000 goal is fluctuating across time. Upvote 3 Downvote Reply Award Share u/Outside-Cup-1622 avatar Outside-Cup-1622 • 2mo ago fair enough, I have been posting this stat for quite a while, maybe I will go back and look at previous ones and put a table/graph together Upvote 3 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Hey Mr. Cup. Thanks for the update. You are not the only one down this week, I am pretty sure the indexes were down 4 out of 5 days this week, definitely down overall on the week. Hoping for a better week to close out June and begin July. Best of luck. Keep grinding on your road to $1.5 Million. Upvote 2 Downvote Reply Award Share u/BeuJay9880 avatar BeuJay9880 • 2mo ago what's the delta-adjusted P&L on the underlying positions? the $502 in premium is the gross income number. the question is how much was given back in losses on the underlying when assignments happened. a lot of weekly premium sellers find the net after underlying delta losses is much closer to zero than the premium captured, especially in weeks where the trade went wrong. Upvote 2 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 1mo ago Hey BeuJay9880. That is a fair question, but I don't get assigned very often. Almost never for covered calls and only if I am actively trying to get assigned on CSPs. The actual P&L depends on the stock’s value relative to that adjusted cost basis, not simply the price movement during the option trade. The $502 is gross premium income for one particular week. To calculate the complete trade result, you would also include realized losses from shares sold below the adjusted basis, or unrealized losses if I still hold them. For this reason, I also provide the unrealized and realized gains in my write-up. I track those separately because premium income and share-price appreciation are different components of portfolio performance. Upvote 2 Downvote Reply Award Share u/MostlyH2O avatar MostlyH2O • 2mo ago Level 300 Karen Profile Badge for the Achievement Top 1% Commenter Top 1% Commenter お前はもう貧乏だ Upvote 2 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Google says that translates to "You're already poor." Neat. Upvote 1 Downvote Reply Award Share MostlyH2O • 2mo ago Level 300 Karen Profile Badge for the Achievement Top 1% Commenter Top 1% Commenter u/CuriousDetective0 avatar CuriousDetective0 • 2mo ago TLDR seems to be the work and effort is not worth it vs passive index holding Upvote 1 Downvote Reply Award Share u/paq12x avatar paq12x • 2mo ago • 2023 up $65,403 (+41.31%) | S&P 500: +26.3% | Nasdaq: +43.4% • 2024 up $64,610 (+29.71%) | S&P 500: +25.0% | Nasdaq: +28.6% • 2025 up $111,496 (+34.52%) | S&P 500: +17.9% | Nasdaq: +20.4% Upvote 2 Downvote Reply Award Share u/CuriousDetective0 avatar CuriousDetective0 • 2mo ago Pre-tax, he beat Nasdaq by about $40.5k over 3 years. But after taxes: Under moderate tax assumptions, maybe only ~$12.7k ahead after tax. Under high-income short-term/options tax treatment, he may actually be ~$8k–$10k behind passive Nasdaq. If he spent real time actively trading, the hourly rate is probably mediocre. Example: Time spent Pre-tax alpha/hr Moderate after-tax alpha/hr 2 hrs/week ~$130/hr ~$41/hr 5 hrs/week ~$52/hr ~$16/hr 10 hrs/week ~$26/hr ~$8/hr Against an equal-weight basket of the actual underlyings, his options strategy looks terrible. The screenshot tickers are: HOOD, QBTS, AMZN, CLSK, UBER, FIG, TDOC, SNAP, RKT, PDD. Using annual total-return data for the other 9 names: Period Equal-weight underlying basket His strategy 2023 +106.1% +41.31% 2024 +102.6% +29.71% 2025 +57.4% +34.52% 2023–2025 cumulative +556.9% +146.6% His stated 3-year P&L was +$241,509, equal to +146.6%, which implies starting capital of about: $241,509 / 1.466 = ~$164,740 On that same starting capital: Strategy 2023–2025 profit His options/account strategy +$241,509 Equal-weight underlying basket ~+$917,441 Difference ~+$675,932 less earned So before tax, he appears to have left roughly $676k on the table versus simply buying the underlyings equally weighted. Upvote 0 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago So many assumptions in this AI generated write up and lot of them are far fetched and/or not true. Leaving $676k on the table is laughable. Upvote 1 Downvote Reply Award Share u/CuriousDetective0 avatar CuriousDetective0 • 2mo ago if he is writing options against those, why couldn't he just buy and hold them? Upvote 0 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Why can’t I do both? Upvote 1 Downvote Reply Award Share u/CuriousDetective0 avatar CuriousDetective0 • 2mo ago You can or just options or just sit in cash, no law against any of those. The question is if your trying to maximize the growth of your wealth overtime, or maximize risk adjusted returns or some other objective? Upvote 0 Downvote Reply Award Share u/Expired_Options avatar Expired_Options OP • 2mo ago Link to the detail behind all options sold this week Upvote 1 Downvote Reply Award Share u/clobbersaurus avatar clobbersaurus • 2mo ago If you’re holding close to 200 positions, why not just get an etf and wheel that? It seems like you are essentially doing qqq but with more steps. Upvote 1 Downvote Reply Award Share [deleted] • 2mo ago Comment removed by moderator Upvote 7 Downvote Reply Share u/Expired_Options avatar Expired_Options OP • 2mo ago Thanks for the comments. Risk mitigation is not sexy, but it works. 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