SR
Spire Inc.
stock NYSE

SPY 770 PLS SR???!?

2 risk in GMV at a 1.5 SR or something around there. Seems reasonable.
Diversified strategies (beta/risk factor neutral) are very low vol, so typically are traded with leverage. 1b GMV at a pod is usually at a 6x leverage, ie the “AUM” for the pod is more like 160m. The returns on AUM are more like 18% which is quite healthy at a 1.5SR.
All rough numbers. Basically leverage is the missing piece vs what you’re thinking. Return/risk is what matters not the absolute return number since you can “always” just leverage up.