Yes, it might be most volatile but most of it depend in Timing. Consider this 2 AIM accounts with the same stock but with different timing has the same volatility give different result.
So if we could know the timing when to start AIM after certain condition is fulfill (devise some kind of timing formula) based on stock price range, interest rate, volatility, greek etc to get the best result for AIM.
No matter how you rebalance aim periodically but if the Timing is wrong the result of aim is not optimum.
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