Looking at it again, vs. the S&P500, it has been exactly flat over the last 12 months but quite a bit less volatile (with one short but big exception blip down in August). So I guess it's doing kind of what it should (protect against bear markets); but I would have hoped that being long on Schwab higher rated stocks and short on lower rated ones would have have given it an overall advantage. So it seems to say the ratings are marginally effective.