Yea, the option stuff just always looks dissapointing to me. The funds that sell options never seem to do spectacular, but then again they dont do so poorly so that you conclude the option buyers are making a killing, either. option market just seems pretty efficient.
I don't know, the CBOE S&P Put-write index performance from 1999-2017 looked very good to me: in absolute return, lower volatility and much higher Sharpe. No wonder folks kept telling me selling put is a very profitable strategy.
The actively managed option mutual funds on the other hand looked very disappointing, perhaps in similar nature to active vs index mutual funds returns - active option funds suffered from very high fees and wrong bets. A 2% fees/expenses structure could explain why they underperformed the Put-Write index by 2.2% every year.
