The document compares the performance of the BTOP50 index, which tracks the largest managed futures programs, to the S&P 500 during the S&P's five worst drawdowns since 1987. It found that managed futures can increase performance and reduce risk in a portfolio, supporting the conclusions of an earlier study. The BTOP50 seeks to replicate the overall composition of the managed futures industry, comprising the largest advisors by assets under management. Past performance is not indicative of future results for any individual managed futures program.