The document summarizes the performance of a statistical arbitrage strategy compared to the S&P 500 index since inception on March 31, 2011. The statistical arbitrage strategy has underperformed the S&P 500 with lower annualized returns and higher volatility. However, it has experienced lower drawdowns than the S&P 500 and has a very low correlation and beta to the index, demonstrating that it performs differently than broad market movements.