A naked short put is one of our favorite strategies to get long on an underlying, as the undefined risk and OTM strike provide us with a high POP.A front-ratio put spread is a variant of a short put, as it consists of buying one put closer to the money, and selling two further out of the money to route the trade as a credit. Simply, it is a long put spread and a naked short put.These two strategies are similar in approach, but with a short put, we get greater positive delta exposure, whereas with a put ratio spread, the delta starts as positive, but can fluctuate to negative depending on the movement of the underlying. In terms of performance however, how do these strategies differ?Join Tom and Tony to find out!