I suspect the answer is yes. but how? I understand that in a backwardation, just buy and hold.
its earned, but it is negative.
^-- funny
^ But true…
Here is how Roll is is earned in Backwardation - - - - - - - - - - - - - - - - - -
Damn didn’t work
well, if you short futures and they are in contango, the negative roll return becomes positive to you