HYG Options History — September 2025

In September 2025, HYG traded between $80.35 and $81.30. ATM implied volatility averaged 4.6%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 1.3%. IV traded above realized volatility by 0.6% (HV 20d: 4.0%). Max pain ranged from $80.00 to $81.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 5.00.

Notable Days

  • 2025-09-30: Highest Volume — 772,423 contracts
  • 2025-09-23: Largest IV spike — 19.3% change
  • 2025-09-02: Highest IV Rank — 20.6%
  • 2025-09-02: Largest Expected Move — 1.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.99$80.35$81.30$80.35$81.16
Max Pain$80.64$80.00$81.00$80.50$81.00
ATM IV4.6%4.0%5.5%5.5%4.3%
Expected Move1.3%1.1%1.5%1.5%1.1%
HV 20d4.0%2.7%4.4%4.1%2.7%
HV 60d3.5%3.3%3.6%3.5%3.3%
IV Rank14.9%10.7%20.6%20.6%12.7%
IV Percentile35.8%15.5%64.7%64.7%25.8%
Term Structure-0.1%-1.0%0.3%-0.3%-0.4%
VWIV6.0%4.9%7.0%6.8%5.0%
Skew 25d2.0%1.3%2.5%2.4%1.5%
Skew 10d4.4%2.6%16.5%4.9%2.6%
Call IV 25d4.1%3.5%5.2%5.2%3.9%
Put IV 25d6.1%5.0%7.6%7.6%5.5%
Bid-Ask Spread %9.865.3816.118.9410.73
Gamma HHI0.190.150.230.170.20
Net GEX-986.7M-2.49B229.8M-2.49B-1.02B
Net DEX380.1M-2.68B4.77B4.77B368.0M
Net VEX-28.9M-41.2M-19.2M-41.2M-22.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.001.2112.982.651.69
Total Volume424,584.19207,533772,423378,724772,423
Total OI9,258,087.4297,926,26810,835,8318,209,8838,709,945

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$80.35$80.505.5%1.5%4.1%20.6%6.8%2.4%-0.3%-2.49B4.77B-41.2M2.658.94103,713275,0111,060,8677,149,016
2025-09-03$80.59$80.005.3%1.4%4.2%19.4%6.6%2.1%-0.3%-1.86B2.73B-35.0M2.647.8995,990253,1601,131,8277,246,084
2025-09-04$80.75$80.005.5%1.3%4.2%20.4%6.5%2.0%-0.3%-1.28B1.48B-32.9M3.1411.60126,429397,2411,210,6517,363,997
2025-09-05$80.88$80.004.8%1.3%4.2%15.8%6.1%1.8%-0.3%-666.3M648.0M-32.5M4.275.38111,662477,2851,319,7557,702,806
2025-09-08$80.88$80.004.7%1.3%4.2%15.3%6.7%2.1%-0.2%-768.8M797.5M-31.7M5.446.3686,810471,9711,332,6057,812,706
2025-09-09$80.75$80.005.4%1.4%4.3%20.1%7.0%2.4%-1.0%-1.45B1.88B-34.2M6.666.6984,310561,1951,399,1068,041,903
2025-09-10$80.81$80.004.7%1.3%4.3%15.3%6.6%2.3%-0.4%-1.16B1.34B-34.0M6.016.8758,794353,1821,483,6178,448,953
2025-09-11$81.05$80.004.5%1.3%4.3%14.1%5.5%2.1%-0.3%-484.0M-275.3M-30.7M8.247.7429,833245,8001,520,4648,597,196
2025-09-12$80.97$81.004.4%1.3%4.3%13.5%6.0%1.9%-0.2%-710.8M779.3M-34.8M3.247.1648,949158,5841,540,2648,846,626
2025-09-15$81.18$81.004.7%1.3%4.3%15.4%6.4%1.9%-0.1%-671.0M-1.12B-27.2M2.856.6256,237160,1751,566,7638,796,519
2025-09-16$81.16$81.004.9%1.4%4.3%16.9%6.0%2.5%-0.0%-929.5M-388.4M-31.2M6.255.8069,058431,3321,617,1778,879,589
2025-09-17$81.03$81.004.1%1.2%4.4%11.5%5.9%2.1%0.2%-377.7M-213.8M-30.7M6.1914.8367,690419,1651,648,0899,097,267
2025-09-18$81.22$81.004.2%1.2%4.4%12.2%5.4%2.4%0.1%-372.0M-1.54B-25.1M3.5913.0563,735228,5671,614,9249,127,413
2025-09-19$81.19$81.004.3%1.2%4.4%12.6%5.1%1.9%0.1%229.8M-2.68B-19.2M1.2114.65205,723248,9711,653,7109,182,121
2025-09-22$81.30$81.004.0%1.2%3.5%10.7%6.4%1.5%0.1%-3.5M-1.96B-19.7M5.6511.5159,855337,9951,416,9036,509,365
2025-09-23$81.23$81.004.8%1.4%3.5%15.7%6.5%2.0%0.2%-1.03B-341.4M-25.4M12.9811.0530,059390,0511,370,7146,664,301
2025-09-24$81.15$81.004.2%1.2%3.5%12.3%5.6%1.5%0.3%-1.19B-445.0M-23.9M5.3111.5044,232234,8841,396,0756,779,803
2025-09-25$80.94$81.004.4%1.2%3.6%13.1%5.2%2.0%0.2%-1.90B1.08B-26.3M5.1110.7040,363206,1311,425,5596,874,876
2025-09-26$81.06$81.004.4%1.2%3.6%13.2%6.6%1.3%0.3%-1.91B1.35B-27.9M4.7516.11101,656483,3291,426,5536,904,568
2025-09-29$81.22$81.004.1%1.1%3.7%11.2%4.9%1.6%0.1%-687.1M-279.1M-21.1M7.1611.8439,803284,9151,448,2997,100,860
2025-09-30$81.16$81.004.3%1.1%2.7%12.7%5.0%1.5%-0.4%-1.02B368.0M-22.3M1.6910.73287,128485,2951,454,9497,254,996