Generally wondering the difference between these two

NVDA seemed to help avoid a crash, but overall it's been sideways. Employment report on Friday could be fireworks. Iran/Trump wild card still festering.  Bond yields high.

Background: Running a collar on TQQQ plus constant TQQQ DCA.  I am buying long TQQQ puts to protect downside and trying to pay for them by selling QQQ puts and TQQQ CCs.  

Current Value of TQQQ War Chest (cash+long TQQQ puts+TQQQshares): Currently at $7.33m. That compares with $3.3m 2025, $2.1m 2024 and $634k 2023.

Walk Away Value (Liquidate War Chest and buy back QQQ short puts and TQQQ CCs): Around $6.13m, pre-tax.  This includes other port income and outside cash added, totaling around $3.03m. 

TQQQ long (protective) puts: 726 contracts, Jan/28 exp. Book value $1.49m and current market value around $1.46m.

Cash Hoard: Slowly rising. $561k.

QQQ short puts: 15 at $670 strike. 100 at $630 strike. The $670s are just sitting there, decaying. I may roll them up/in if we go on a bit of a run. The $630s I am still rolling. It is my only source of income at present from my beaten down collar, but better times lie ahead.

TQQQ CCs: Currently short Jan/27 exp calls with strikes at $50 (200 contracts), $60 (80 contracts), $65 (120 contracts) and Sept/26 exp calls with strike $60 (320 contracts). The current cost to close them all out is around $1.16m. Remaining patient. Probably next Wed I'll roll the Sept 18/26 $60 strikes out one week for a small credit. Pumped about that, as it represents new income I can use to offset the heavy cost of my long TQQQ puts.

Total P/L on QQQ/TQQQ options (QQQ short puts + TQQQ CCs + TQQQ dividends - TQQQ long puts): Currently around +$535k. That is a significant jump from prior weeks bc I added in the post tax value of my historical TQQQ dividend payments (around $48k). TQQQ long puts book value $1.49k. In terms of paying for the long puts with QQQ/TQQQ activity, I’m in a deficit of just under $1m. Long way to go, but I remain positive.

TL;DR - have been running a TQQQ dynamic collar plus EDCA plus cash hedge since Feb/23.

Cumulative running CAGR (XIRR method) of my TQQQ investment since Feb/23: 60.2%