See the Annual Returns for the MIPS/Nitro model from 2003-2013 YTD below.
It is interesting to see that, in 2008, Nitro was up almost 90% when the SPY was down over 40%.
You might ask "How can that happen?"
- It happened because: (a) Nitro was not short the entire year, and
(b) the SPY did have some up periods in 2008, and Nitro was long in these up periods.
So, Nitro caught most of the up and down trends in 2008 (see Nitro signals and performance on the MIPS website).