Synthetic Short Against the Box with TQQQ & SPXS?

I created this chart to illustrate the price action of leverage ETF in relation to VIX.
The purpose is to determine whether it's possible to create synthetic version of shorting against the box, where you never short and long the shares of the same stock.
Instead someone is only ever long the shares on TQQQ with a protective PUT, and short the shares of SPXS with a call to cover.
Then using the wheel strategy as a means to generate reliable credit.

I'm very interested to so other people's observations/thoughts...