1. SPI (Switzerland), World, US Equity markets all behaved differently, you cannot compare them to SPY (S&P) returns.
2. Evidence of this, SPY dropped circa 33% in March sell-off, while your strategy was only down 18%
3. There is a currency angle to be taken into account. SPY is all USD, your portfolio is not 100% USD. As example CHF is about 6% stronger compared to USD in 2020.


Bottomline, nothing sinister going on in VIAC. HTH.