If you backtest CL iron condors what you immediately realise (if you´re used to indexes) is that it´s much more of a two-sided trade. Due to IV skew on with indexes the call side is a struggle, you need to come in much closer to the money, and collect half the premium. This adds both upside risk and provides less protection for the put spread. With CL the OTM calls & put premiums are very similar and a delta 10 call is about the same distance from ATM as the put (varies with vol but roughly). Here´s a 51 DTE IC on CL versus SPX. To make things as even as possible I´ve collected about $6000 in premium with shorts at delta 10. The implied move on SPX (straddle price) is about 3% and 8% for SPX and CL respectively. I´ve set the P/L date at 38 days into trade. The CL is obviously much more user friendly on the upside. Question is whether "black swan" upside risk is more likely on oil than SPX and thus the risk premium on calls is priced in? Or are SPX/RUT actually inferior for "neutral" trades such as IC due to the call skew? Food for thought and thanks a lot to Rick for sharing.