QVR Advisors

QVR Advisors is a boutique asset manager focused on quantitatively-driven, options and volatility-focused strategies across absolute return, hedged equity, and volatility convexity. The firm specializes in strategies seeking to profit from volatility and all its downstream effects – including attempts to suppress it. QVR's leadership team brings a long history of experience in quantitative research, investment management and investment operations.


  • QVR Advisors focuses on quantitatively driven, options, and volatility-focused strategies across absolute return and bespoke solutions business lines.

  • QVR's absolute return strategies reflect its partners' deep history and experience managing risk through the market and economic cycles.

  • QVR is customer-centered, designing customized investment programs out of strategy building blocks and bespoke overlays to meet the needs of each client.


  • How markets fundamentally changed following the Great Financial Crisis

  • Call overwriting – the favorite strategy of yield-thirsty institutions

  • Why ‘selling vol’ is too broad a term and has all but lost its meaning

  • Everybody wants protection – reflexivity and the options tail that wags the equity dog

  • The behemoth equity hedged strategy that now moves the market at the end of every quarter

  • “Gradually, then suddenly” – the nature of volatility

  • Gamma & Vanna – the second-order ‘Greeks’ and their outsized influence in short-term moves

  • Execution is key – don’t trade against the Flash Boys

  • Buying what you don’t want to build

  • Systematic vs Quant



  • Seeks a diversifying absolute return stream with low correlation to traditional asset classes, and in permissive market environments, owning cheap convexity and tail risk.

  • Seeks to be market-neutral and all-weather, not long volatility or high bleed strategy.

  • QVR sources alpha from price-insensitive end-users of derivatives (corporates, overwriters, hedgers, retail).

  • The market impact potentially compensates relative value traders such as QVR for providing liquidity, warehousing basis risk and potentially owning mispriced convexity.