HYG Options History — January 2025

In January 2025, HYG traded between $78.50 and $79.82. ATM implied volatility averaged 5.1%, placing in the 21.6% IV rank vs the trailing year. The 30-day expected move averaged 1.3%. IV traded below realized volatility by 0.7% (HV 20d: 5.9%). Max pain ranged from $79.00 to $79.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 8.74.

Notable Days

  • 2025-01-02: Highest Volume — 456,487 contracts
  • 2025-01-08: Largest IV spike — 70.4% change
  • 2025-01-08: Highest IV Rank — 42.0%
  • 2025-01-13: Largest Expected Move — 1.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$79.29$78.50$79.82$78.84$79.69
Max Pain$79.00$79.00$79.00$79.00$79.00
ATM IV5.1%3.7%7.8%7.6%4.1%
Expected Move1.3%1.0%1.7%1.3%1.2%
HV 20d5.9%4.1%7.6%6.7%4.2%
HV 60d5.1%4.9%5.3%4.9%5.1%
IV Rank21.6%10.7%42.0%40.7%13.5%
IV Percentile35.5%4.4%89.7%87.7%9.1%
Term Structure-0.5%-9.1%8.1%-8.9%0.7%
VWIV5.6%4.3%7.3%5.9%5.1%
Skew 25d2.1%-0.5%5.8%3.2%1.2%
Skew 10d2.6%-3.1%12.4%3.8%0.2%
Call IV 25d3.6%2.3%6.1%2.3%3.7%
Put IV 25d5.7%3.3%10.3%5.5%4.9%
Bid-Ask Spread %9.925.8316.056.217.11
Gamma HHI0.180.140.220.200.19
Net GEX-1.63B-3.75B-99.2M-2.13B-1.08B
Net DEX2.46B274.9M6.43B3.66B845.1M
Net VEX-23.8M-29.9M-18.2M-26.3M-18.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio8.741.1932.984.601.21
Total Volume309,481.15163,365456,487456,487314,833
Total OI5,579,314.454,616,4276,733,6045,278,9295,134,679

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-01-02$78.84$79.007.6%1.3%6.7%40.7%5.9%3.2%-8.9%-2.13B3.66B-26.3M4.606.2181,484375,0031,045,7334,233,196
2025-01-03$79.00$79.007.8%1.2%6.7%41.9%4.7%0.9%-9.1%-1.90B2.80B-23.2M22.335.8316,618371,1021,072,0794,434,141
2025-01-06$79.09$79.004.4%1.2%6.8%15.8%6.4%1.7%0.1%-1.82B2.57B-24.1M4.8415.9255,656269,5621,072,3524,645,983
2025-01-07$78.84$79.004.6%1.5%6.8%17.1%6.3%1.4%-1.1%-2.66B4.17B-26.6M32.9816.059,240304,7291,065,4084,847,894
2025-01-08$78.94$79.007.8%1.4%6.8%42.0%6.2%1.9%-0.4%-2.78B4.10B-27.1M3.3714.7846,361156,1341,073,1775,008,995
2025-01-10$78.55$79.005.3%1.6%7.0%22.6%7.3%4.7%-3.7%-3.32B6.43B-29.9M10.0615.3822,480226,0391,114,2525,096,544
2025-01-13$78.50$79.005.3%1.7%7.0%23.0%7.0%3.0%1.6%-3.75B6.41B-25.8M6.8010.3837,506255,0971,134,0875,164,883
2025-01-14$78.59$79.006.4%1.6%7.0%31.5%6.0%3.3%-1.0%-3.47B5.94B-26.3M3.437.9859,189202,7751,141,6145,194,598
2025-01-15$79.25$79.004.9%1.4%7.6%19.7%6.4%1.7%-0.9%-2.26B2.32B-26.6M3.568.6778,060278,1541,151,7115,345,232
2025-01-16$79.38$79.004.6%1.6%7.6%17.6%6.3%-0.5%1.1%-1.76B1.64B-25.8M2.6610.65120,722320,7671,190,1255,482,035
2025-01-17$79.44$79.003.8%1.4%7.6%11.5%5.5%2.6%2.5%-1.52B1.35B-23.6M5.878.5323,767139,5981,226,0535,507,551
2025-01-21$79.66$79.004.4%1.3%4.7%16.0%5.1%1.6%8.1%-656.7M533.9M-19.5M1.1913.08177,597211,612862,2753,754,152
2025-01-22$79.56$79.004.5%1.3%4.8%16.4%4.6%1.2%-1.4%-579.3M434.8M-19.4M4.727.5432,576153,727938,4073,778,129
2025-01-23$79.63$79.004.4%1.3%4.5%16.1%4.4%1.7%-0.9%-806.2M274.9M-19.4M2.237.76103,429230,752961,2963,891,096
2025-01-24$79.72$79.003.9%1.2%4.3%12.0%4.6%1.8%-1.4%-674.0M782.8M-24.0M3.788.6863,486240,1261,030,7033,952,633
2025-01-27$79.81$79.006.6%1.2%4.3%32.8%5.5%5.8%4.2%-436.7M1.30B-24.8M31.647.7510,660337,3061,075,6003,955,490
2025-01-28$79.81$79.004.8%1.2%4.3%18.8%4.6%3.3%-0.1%-335.1M1.45B-23.2M6.437.6424,619158,4111,077,0223,904,310
2025-01-29$79.72$79.004.0%1.2%4.1%12.5%5.2%1.9%0.4%-670.0M1.23B-22.6M17.259.2915,544268,1271,092,8653,874,570
2025-01-30$79.82$79.003.7%1.0%4.1%10.7%4.3%-0.1%0.2%-99.2M1.04B-20.3M5.939.2557,275339,5001,098,0613,957,358
2025-01-31$79.69$79.004.1%1.2%4.2%13.5%5.1%1.2%0.7%-1.08B845.1M-18.2M1.217.11142,165172,6681,126,9594,007,720