can roll return be earned in contango?

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 :slight_smile: