SPDR Gold Shares (GLD) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
SPDR Gold Shares (GLD) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $155.84B, listed on AMEX, carrying a beta of 0.16 to the broader market. The investment objective of SPDR Gold Trust (the "Trust") is for the shares to reflect the performance of the price of gold bullion, less the Trust's expensesThe first US traded gold ETF and the first US-listed ETF backed by a physical assetFor many investors, the costs associated with buying GLD shares in the secondary market and the payment of the Trust's ongoing expenses may be lower than the costs associated with buying, storing and insuring physical gold in a traditional allocated gold bullion account public since 2004-11-18.
Snapshot as of May 15, 2026.
- Spot Price
- $418.08
- ATM IV
- 23.3%
- HV 20-Day
- 22.4%
- HV 60-Day
- 28.1%
- IV Rank
- 33.5%
- IV Percentile
- 64.7%
As of May 15, 2026, SPDR Gold Shares (GLD) ATM implied volatility is 23.3%. 20-day realized volatility is 22.4%, producing an IV-HV spread of +0.9 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 33.5%.
How GLD iv/hv history Data Feeds Strategy Selection
Strategy selection on SPDR Gold Shares options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 23.3% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
GLD highest implied-volatility contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| PUT | $418.00 | May 22, 2026 | 12.7K | 365 | 22.9% | $4.95 | $5.20 |
| CALL | $420.00 | May 22, 2026 | 5.2K | 158 | 22.6% | $4.40 | $4.55 |
| CALL | $418.00 | May 22, 2026 | 31.3K | 1.1K | 22.9% | $5.40 | $5.65 |
| PUT | $419.00 | May 22, 2026 | 4.1K | 142 | 22.7% | $5.45 | $5.70 |
| PUT | $416.00 | May 22, 2026 | 5.4K | 211 | 23.2% | $4.10 | $4.35 |
| CALL | $418.00 | May 22, 2026 | 31.3K | 1.1K | 22.9% | $5.40 | $5.65 |
| PUT | $417.00 | May 22, 2026 | 10.5K | 436 | 23.0% | $4.50 | $4.75 |
| CALL | $450.00 | Jun 18, 2026 | 1.1K | 73.7K | 24.0% | $2.85 | $2.88 |
| CALL | $425.00 | Jun 18, 2026 | 236 | 39.9K | 23.2% | $9.35 | $9.60 |
Top 9 contracts from the ORATS-sourced nightly scan; ranked by iv within the broader S&P 500/400/600 + ETF universe.
Frequently asked GLD iv/hv history questions
- Is GLD options pricing rich or cheap right now?
- As of May 15, 2026, SPDR Gold Shares (GLD) ATM IV is 23.3% against 20-day realized volatility of 22.4%. IV rank is 33.5%. GLD options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 0.9 vol points.
- What is the GLD variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. GLD is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does GLD IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. GLD's current rank of 33.5% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.