Covered Calls Position Closed in Nvidia Corporation

Early this afternoon, I decided to unwind (i.e. close out) the Covered Calls position in Nvidia Corporation (NVDA) at a substantial loss by selling-to-close the 300 shares at $101.20 per share and buying-to-close the 3 August 16th, 2024 $110.00 Calls at $2.43 per share.  Since establishing this position on July 24th, Nvidia stock has experienced a persistent and substantial decline totaling -14.2%.  During the past month, I have been slowly decreasing my stock exposure so that the overwhelming majority of my equity is now in a money market fund yielding about 5.0%.  Given the current market volatility, I will likely continue with this conservative positioning for the next few weeks before returning to my normal majority exposure to Covered Calls positions.  The detailed results for this Nvidia Covered Calls position are provided below.

Nvidia Corporation (NVDA) -- Covered Calls Position Closed Out by Decision

The Buy/Write transaction was as follows:
7/24/2024 Bought 300 shares of Nvidia Corporation @ $117.96 per share.  
7/24/2024 Sold 3 NVDA  August 16th, 2024 $110.00 Call options @ $11.12 per share.  The Implied Volatility of these Call options was very high at 51.5 and the probability that the Calls will expire in-the-money on the options expiration date was 69.0% when this transaction was executed today.

8/5/2024 Unwound (i.e. closed out) this NVDA Covered Calls position by selling-to-close the 300 shares at $101.20 per share and buying-to-close the 3 August 16th, 2024 $110.00 Calls at $2.43 per share.  

The overall performance result (including commissions) for this Nvidia Corporation Covered Calls position is as follows:
Covered Calls Net Investment: $32,054.01
= ($117.96 - $11.12) * 300 shares + $2.01 commission

Net Profit:
(a) Options Income: +$2,602.98
= ($11.12 - $2.43) * 300 shares - $4.02 commissions
(b) Dividend Income: +$0.00
(c) Capital Appreciation: -$5,028.00
+($101.20 stock selling price - $117.96 stock purchase price) * 300 shares

Total Net Loss: -$2,425.02
= (+$2,602.98 options income + $0.00 dividend income - $5,028.00 capital appreciation)

Absolute Return-on-Investment: -7.6%
= -$2,425.02/$32,054.01
Annualized Return-on-Investment: -230.1%
= (-$2,425.02/$32,054.01) * (365/12 days)