EWZ Options History — January 2026

In January 2026, EWZ traded between $32.16 and $38.25. ATM implied volatility averaged 26.3%, placing in the 39.1% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded above realized volatility by 0.6% (HV 20d: 25.7%). Max pain ranged from $32.00 to $34.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.40.

Notable Days

  • 2026-01-27: Highest Volume — 602,390 contracts
  • 2026-01-07: Largest IV spike — 23.5% change
  • 2026-01-30: Highest IV Rank — 58.1%
  • 2026-01-28: Largest Expected Move — 8.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.55$32.16$38.25$32.16$36.98
Max Pain$33.25$32.00$34.00$32.00$34.00
ATM IV26.3%22.6%32.1%24.5%32.1%
Expected Move7.4%6.4%8.8%6.7%8.5%
HV 20d25.7%17.1%36.4%36.1%25.9%
HV 60d26.4%25.3%28.7%26.0%28.7%
IV Rank39.1%27.3%58.1%33.3%58.1%
IV Percentile56.3%14.3%90.1%41.7%90.1%
Term Structure0.6%-2.2%7.3%0.1%0.1%
VWIV26.2%22.6%31.1%24.6%31.1%
Skew 25d0.9%-1.8%2.8%-0.2%1.8%
Skew 10d1.0%-21.5%21.2%2.2%2.7%
Call IV 25d26.1%21.6%30.6%25.7%29.1%
Put IV 25d27.1%24.0%31.5%25.5%30.9%
Bid-Ask Spread %44.4125.0360.3056.3339.62
Gamma HHI0.090.080.110.080.09
Net GEX155.3M97.9M226.9M97.9M197.6M
Net DEX-3.79B-6.66B-2.03B-2.03B-5.49B
Net VEX-26.9M-30.6M-25.0M-25.1M-30.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.400.070.950.250.74
Total Volume221,813.360,033602,39068,278422,675
Total OI4,528,4334,108,6085,032,8674,433,7595,032,867

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$32.16$32.0024.5%6.7%36.1%33.3%24.6%-0.2%0.1%97.9M-2.03B-25.1M0.2556.33N/AN/A54,43013,8482,830,9541,602,805
2026-01-05$32.75$33.0027.1%7.1%36.4%41.6%25.1%-0.1%-2.2%123.4M-2.51B-25.7M0.5040.32N/AN/A70,76435,5202,824,9041,604,464
2026-01-06$33.14$33.0025.4%7.1%29.0%36.3%24.8%2.8%-1.4%141.9M-2.84B-25.6M0.2047.97N/AN/A127,83824,9272,830,4461,574,797
2026-01-07$32.75$33.0031.4%7.0%29.3%55.7%25.1%-0.8%4.1%128.4M-2.46B-25.0M0.2353.76N/AN/A48,73711,2962,833,1741,588,071
2026-01-08$32.88$33.0024.6%6.9%29.3%33.8%24.6%-1.8%0.3%136.3M-2.56B-25.1M0.1649.30N/AN/A93,00115,2952,868,0891,590,915
2026-01-09$33.11$33.0024.2%6.8%29.4%32.2%24.3%0.5%1.3%151.2M-2.78B-25.2M0.9548.68N/AN/A56,01353,3802,917,4401,598,425
2026-01-12$32.92$33.0024.2%6.7%29.2%32.3%23.6%1.2%-0.3%135.3M-2.48B-25.0M0.0747.06N/AN/A107,7237,7902,904,2081,653,648
2026-01-13$32.66$33.0024.6%6.7%29.2%33.8%24.4%1.1%-0.7%126.5M-2.30B-25.0M0.9251.82N/AN/A55,87751,6392,976,5431,660,518
2026-01-14$33.14$33.0023.5%6.7%29.5%30.0%23.3%1.1%-0.2%151.6M-2.68B-25.7M0.7960.30N/AN/A75,45259,3353,012,1531,690,453
2026-01-15$33.34$33.0022.9%6.5%18.6%28.2%22.9%1.5%-0.1%165.8M-2.95B-26.0M0.3942.69N/AN/A74,44629,2573,054,3991,710,127
2026-01-16$33.16$33.0022.6%6.4%17.1%27.3%22.6%2.4%-0.2%135.6M-2.80B-26.1M0.6447.94N/AN/A43,49927,9273,094,9011,736,454
2026-01-20$33.55$33.0024.5%7.0%17.4%33.5%24.3%2.1%2.4%131.8M-2.85B-26.0M0.2350.17N/AN/A54,68912,6622,738,7341,369,874
2026-01-21$34.95$33.0025.0%7.2%21.7%34.8%25.3%1.6%-0.6%158.8M-3.91B-26.9M0.2539.89N/AN/A258,05764,7502,736,4551,377,854
2026-01-22$35.97$33.0027.5%7.9%22.6%43.2%28.2%1.2%-0.7%167.0M-4.77B-27.7M0.8131.28N/AN/A270,588220,2782,827,0801,417,464
2026-01-23$36.70$34.0028.6%8.3%22.4%46.7%29.8%1.0%-1.3%171.8M-5.34B-28.2M0.2025.03N/AN/A247,34349,4992,905,5361,395,029
2026-01-26$36.70$34.0028.4%8.2%22.2%46.2%29.5%1.1%4.5%181.5M-5.40B-28.8M0.2635.98N/AN/A172,54444,6173,056,2291,427,374
2026-01-27$37.80$34.0024.6%8.7%23.5%33.6%30.4%1.4%0.1%184.2M-6.26B-28.7M0.0737.24N/AN/A560,59541,7953,083,9891,436,491
2026-01-28$38.25$34.0029.4%8.8%22.5%49.3%30.7%1.0%7.3%191.6M-6.64B-30.2M0.1340.10N/AN/A455,49460,4053,242,1811,456,016
2026-01-29$38.15$34.0030.2%8.3%22.5%51.9%29.1%0.0%-1.2%226.9M-6.66B-30.4M0.2042.65N/AN/A300,95561,3263,405,3561,502,243
2026-01-30$36.98$34.0032.1%8.5%25.9%58.1%31.1%1.8%0.1%197.6M-5.49B-30.6M0.7439.62N/AN/A243,173179,5023,490,4671,542,400