October 2020 was not a dream month for many Portfolios and benchmarks. After the small expiry day in mid-October was over and the Corona case numbers in Europe increased significantly, European stocks in particular came under pressure. In particular, the last week of October forced large investors to build hedge positions. The relevant volatility indices have also jumped. The VIX® closed the week at 38, and the VDAX-NEW® is also at 38. These are levels that often lead to higher hedges.