Monthly returns from the Credit Suisse and UBS time periods – including for subperiods of similar characteristics UBS blames for the 2018 losses – show these two programs were very different and that UBS’s program was much riskier and had much more directionality than the Credit Suisse program. We find market conditions in 2018 when YES lost 18.44% were much less dramatic than in 2008 when Credit Suisse lost only 2.42%