Interactive tool

Excess Cash Overlay

Apply the same capital amount to your six-month rate scenarios, then change the maximum drawdown budget to see how overlay sizing changes.

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Shared capital

If you changed this in Cash to Capital, the same amount appears here automatically.

6-month rates scenario

Maximum drawdown budget

3.00%

0.5%1.5%3.0%4.0%5.0%

4% = source scenario reference overlay size. The selected DD rescales the overlay only; T-bill capital stays unchanged.

Selected scenario

Risk budget

All scenarios

Scenario	Fed / SOFR	Δ rate	Sized Option P&L	T-Bill income	Total P&L	ROC	Annualized

Important: the Max DD slider is a risk-budget sizing proxy, not a forecast of realized drawdown. The source scenario returns are calibrated at a 4% reference DD; the page recalculates dynamically for the selected DD and capital.

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