The market measure segment compared risk profiles between 16-delta strangles and 25-30 delta puts that generate similar premium amounts. Despite comparable credits, these strategies perform differently under various market conditions.

Analysis of SPY options from 2020-2025 revealed the 25-delta put delivered 75% higher median profit with 30% better win rate, but at the cost of 34% higher volatility and 41% worse tail risk compared to strangles. This difference became more pronounced during market downturns.

The key takeaway: while both strategies performed well during the mostly bullish five-year period, strangles demonstrated better risk management characteristics. Investors should diversify strategies rather than concentrating exclusively on directional positions like short puts.