HYG Options History — May 2025

In May 2025, HYG traded between $78.37 and $79.56. ATM implied volatility averaged 6.3%, placing in the 26.0% IV rank vs the trailing year. The 30-day expected move averaged 1.8%. IV traded below realized volatility by 1.4% (HV 20d: 7.8%). Max pain ranged from $79.00 to $79.00. Net GEX was positive for 2 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 5.97.

Notable Days

  • 2025-05-08: Highest Volume — 784,365 contracts
  • 2025-05-21: Largest IV spike — 20.3% change
  • 2025-05-01: Highest IV Rank — 38.2%
  • 2025-05-01: Largest Expected Move — 2.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$79.02$78.37$79.56$78.37$79.56
Max Pain$79.00$79.00$79.00$79.00$79.00
ATM IV6.3%5.2%8.2%8.2%5.2%
Expected Move1.8%1.4%2.4%2.4%1.4%
HV 20d7.8%4.6%15.8%15.8%4.6%
HV 60d9.7%9.6%9.8%9.6%9.8%
IV Rank26.0%18.5%38.2%38.2%18.5%
IV Percentile70.3%48.0%89.7%89.7%48.0%
Term Structure0.2%-0.3%0.8%0.4%-0.0%
VWIV7.5%5.1%10.7%8.5%5.1%
Skew 25d2.7%1.7%3.9%3.9%1.7%
Skew 10d5.0%2.9%7.9%7.9%2.9%
Call IV 25d5.3%4.5%6.7%6.7%4.5%
Put IV 25d8.0%6.2%10.6%10.6%6.2%
Bid-Ask Spread %6.344.288.864.287.89
Gamma HHI0.140.110.240.110.24
Net GEX-777.2M-1.73B1.37B-1.73B1.37B
Net DEX1.28B-2.08B5.28B5.28B-1.65B
Net VEX-27.6M-38.1M-17.3M-38.1M-17.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.971.3216.372.883.48
Total Volume407,032.19189,526784,365415,881447,185
Total OI7,559,723.7626,004,8808,748,6147,696,8527,247,908

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$78.37$79.008.2%2.4%15.8%38.2%8.5%3.9%0.4%-1.73B5.28B-38.1M2.884.28107,302308,5791,313,8296,383,023
2025-05-02$78.59$79.007.5%2.1%15.2%33.7%7.6%3.4%0.4%-1.67B3.51B-34.7M2.335.06196,226456,8601,362,3236,426,980
2025-05-05$78.55$79.007.9%2.0%14.6%36.1%10.7%3.5%-0.3%-1.24B3.97B-36.9M5.495.3240,780224,0241,407,7176,436,783
2025-05-06$78.48$79.007.5%2.3%13.6%33.3%8.5%3.6%-0.2%-1.52B4.13B-35.2M4.245.5966,112280,3091,442,9316,582,112
2025-05-07$78.53$79.007.5%1.9%13.2%33.5%8.6%3.5%-0.2%-1.48B4.63B-37.4M3.266.4479,810260,4471,490,4216,708,905
2025-05-08$78.53$79.007.2%1.8%8.8%31.7%9.9%3.3%-0.3%-1.42B3.45B-32.8M14.565.5950,404733,9611,519,9626,747,263
2025-05-09$78.57$79.006.6%1.7%5.8%27.7%9.0%3.0%-0.2%-1.53B3.47B-31.9M3.585.64122,927440,0001,533,3146,824,850
2025-05-12$79.28$79.005.9%1.8%6.2%22.8%7.4%2.5%0.7%-346.2M-859.7M-25.3M5.975.4966,443396,4031,508,3186,902,611
2025-05-13$79.44$79.005.7%1.8%6.0%22.0%6.9%2.5%0.7%302.4M-2.08B-22.7M5.275.0682,026431,9981,551,6296,927,162
2025-05-14$79.16$79.006.2%1.7%6.2%24.8%6.0%2.2%-0.3%-273.3M-698.8M-23.5M2.065.38163,409336,1641,566,5786,853,106
2025-05-15$79.28$79.005.7%1.7%6.2%21.5%6.2%2.4%0.8%-249.9M-1.27B-24.2M6.026.1640,786245,5991,633,5777,051,354
2025-05-16$79.35$79.005.4%1.6%6.0%20.0%6.6%2.1%0.8%-130.8M-1.87B-21.5M1.326.59117,634155,4141,617,0497,131,565
2025-05-19$79.32$79.005.3%1.5%5.5%19.5%6.0%2.5%0.3%-377.7M142.7M-23.1M5.807.7632,426188,0281,215,3844,789,496
2025-05-20$79.30$79.005.3%1.5%5.3%19.3%7.4%2.5%0.4%-409.7M236.0M-23.1M16.377.4512,266200,8541,255,3854,905,866
2025-05-21$78.88$79.006.4%1.8%5.6%26.3%8.7%3.5%0.3%-1.38B2.77B-29.1M8.458.8676,180643,8281,261,7375,022,452
2025-05-22$78.97$79.006.4%1.8%4.8%26.6%7.4%2.8%0.3%-1.50B2.66B-30.2M3.727.14102,217379,8421,285,2575,299,744
2025-05-23$78.95$79.006.6%1.9%4.8%27.7%9.1%2.7%0.3%-1.60B2.60B-30.4M12.957.1919,702255,0671,348,4955,443,848
2025-05-27$79.40$79.005.8%1.6%5.2%22.7%7.7%2.1%0.1%-668.6M-200.5M-22.8M8.366.8730,171252,1831,312,4845,502,804
2025-05-28$79.40$79.005.3%1.5%5.1%19.5%5.7%1.8%0.2%-381.9M-467.1M-20.3M5.697.1628,336161,1901,328,2705,579,098
2025-05-29$79.47$79.005.4%1.5%4.9%19.7%5.4%2.0%0.1%-87.5M-846.7M-19.8M3.636.1367,916246,6681,348,9955,683,614
2025-05-30$79.56$79.005.2%1.4%4.6%18.5%5.1%1.7%-0.0%1.37B-1.65B-17.3M3.487.8999,872347,3131,345,8205,902,088