With out options on these two it would be real difficult to capture the gain between the two. They are only off by a 1%. Because these funds use the options on the indices I think what we are seeing is the disparage between the value of calls vs. puts. When the market is selling off puts become overvalued as people are willing to take the higher premium if these see a potential continuation to the drop. While people are less willing to pick up calls and they become undervalued up to where calls equal time and the difference between price and strike with very little premium over that if any.
If anything these two funds can be built into a nice oscillator. The only problem I see is that there needs to be considerably more volume introduced to them so that they fully capture that value disparity. As it stands right now I don't think they have that many traders working on these funds as of yet.
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