The big difference between today and the 1970s/1980s in CTA trading is that the 1970s-1980s paid 10-15% interest on your equity and today pays 0%.
Interest rates are an overlooked return factor for futures funds. A 0% year in the 2010s would have e.g. been a (1.0-0.3)*12% = 8.4% year in the...