The SG CTA (Commodity Trading Advisor) Index experienced a 15% year-over-year decline through the end of April 2025, marking the largest drawdown since 2000. This downturn has affected CTAs who had focused on enhanced risk management strategies, including shorter-term trading, volatility control, and alternative markets, resulting in worse-than-expected losses that exceed those of the broader CTA space. Furthermore, the SG Trend Index reported an 18.7% loss over the one-year period ending April 30, 2025, representing the worst 12-month return in its more than 25-year history. In contrast, the S&P 500 has delivered positive returns in 2025, rising 18% since its April low. Since early March, a price-trend following strategy on the S&P 500 has generated nearly 10 points of alpha, replicating return dynamics observed in 2024.