HYG Options History — November 2025

In November 2025, HYG traded between $80.07 and $80.97. ATM implied volatility averaged 5.7%, placing in the 22.1% IV rank vs the trailing year. The 30-day expected move averaged 1.7%. IV traded above realized volatility by 1.3% (HV 20d: 4.4%). Max pain ranged from $80.00 to $81.00. Net GEX was positive for 1 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 7.23.

Notable Days

2025-11-17: Highest Volume — 813,681 contracts
2025-11-04: Largest IV drop — 40.0% change
2025-11-03: Highest IV Rank — 47.2%
2025-11-20: Largest Expected Move — 2.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$80.41	$80.07	$80.97	$80.18	$80.95
Max Pain	$80.26	$80.00	$81.00	$81.00	$80.00
ATM IV	5.7%	3.6%	9.6%	9.6%	3.6%
Expected Move	1.7%	1.1%	2.0%	1.7%	1.1%
HV 20d	4.4%	4.2%	4.9%	4.9%	4.3%
HV 60d	3.9%	3.7%	4.1%	4.0%	3.7%
IV Rank	22.1%	8.3%	47.2%	47.2%	8.3%
IV Percentile	61.9%	5.2%	95.6%	95.6%	5.2%
Term Structure	-0.1%	-1.9%	1.6%	-0.2%	-0.1%
VWIV	7.8%	5.8%	10.7%	6.1%	5.9%
Skew 25d	3.4%	1.4%	5.0%	4.8%	2.9%
Skew 10d	6.0%	2.0%	11.2%	6.1%	4.2%
Call IV 25d	4.5%	3.2%	5.7%	3.2%	3.6%
Put IV 25d	7.8%	5.5%	10.5%	8.0%	6.5%
Bid-Ask Spread %	28.14	18.65	45.28	27.01	43.76
Gamma HHI	0.18	0.14	0.28	0.15	0.28
Net GEX	-2.89B	-4.71B	154.8M	-3.48B	154.8M
Net DEX	4.98B	-171.9M	9.73B	6.72B	111.4M
Net VEX	-37.7M	-47.8M	-20.6M	-43.0M	-25.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	7.23	0.84	18.66	7.37	0.87
Total Volume	476,094.474	101,161	813,681	306,060	101,161
Total OI	9,900,084.895	8,210,558	11,031,256	9,529,231	9,076,188

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-11-03	$80.18	$81.00	9.6%	1.7%	4.9%	47.2%	6.1%	4.8%	-0.2%	-3.48B	6.72B	-43.0M	7.37	27.01	36,547	269,513	1,733,417	7,795,814
2025-11-04	$80.15	$81.00	5.8%	1.8%	4.9%	22.2%	7.6%	4.1%	1.6%	-3.48B	7.84B	-47.5M	16.48	31.80	37,479	617,643	1,758,991	7,795,839
2025-11-05	$80.25	$81.00	6.1%	1.6%	4.9%	24.6%	6.6%	3.1%	-0.2%	-3.19B	6.41B	-46.7M	4.63	22.73	39,230	181,651	1,782,846	7,830,114
2025-11-06	$80.28	$81.00	5.0%	1.8%	4.8%	17.0%	8.2%	3.3%	-0.3%	-3.28B	6.35B	-46.2M	1.84	21.27	134,891	248,410	1,798,747	7,950,545
2025-11-07	$80.28	$81.00	5.1%	1.8%	4.4%	17.9%	8.1%	3.3%	-0.4%	-3.25B	6.52B	-47.8M	5.61	20.15	82,831	464,736	1,819,053	7,999,628
2025-11-10	$80.59	$80.00	5.3%	1.5%	4.3%	19.2%	8.1%	3.4%	-0.1%	-2.36B	4.40B	-40.8M	3.09	19.54	100,131	308,959	1,809,161	8,190,634
2025-11-11	$80.70	$80.00	5.4%	1.6%	4.3%	19.6%	6.6%	3.0%	-0.5%	-1.69B	1.21B	-29.9M	6.59	22.76	47,946	315,852	1,853,117	8,272,605
2025-11-12	$80.59	$80.00	5.2%	1.6%	4.2%	18.4%	9.0%	3.3%	0.3%	-2.44B	3.91B	-38.2M	18.66	20.07	20,316	379,087	1,873,729	8,328,174
2025-11-13	$80.25	$80.00	6.6%	1.9%	4.4%	27.6%	7.0%	3.2%	0.2%	-3.66B	5.17B	-35.2M	4.27	20.82	114,651	489,613	1,876,248	8,398,373
2025-11-14	$80.28	$80.00	5.8%	1.8%	4.3%	22.7%	9.0%	3.5%	1.4%	-3.89B	7.36B	-42.2M	17.13	38.24	35,634	610,305	1,923,316	8,622,418
2025-11-17	$80.07	$80.00	6.5%	1.8%	4.3%	26.7%	10.7%	4.4%	-0.3%	-4.62B	9.73B	-45.3M	14.23	34.53	53,416	760,265	1,918,199	8,493,555
2025-11-18	$80.12	$80.00	6.8%	1.9%	4.3%	28.7%	10.4%	4.8%	-0.8%	-4.61B	9.03B	-43.9M	11.09	20.20	48,590	539,074	1,956,700	8,807,980
2025-11-19	$80.13	$80.00	6.5%	1.9%	4.3%	27.3%	9.8%	5.0%	-0.6%	-4.53B	8.45B	-42.9M	5.60	18.65	69,137	387,294	1,976,768	8,882,734
2025-11-20	$80.12	$80.00	6.7%	2.0%	4.2%	28.5%	7.7%	3.5%	-0.5%	-4.71B	6.35B	-37.3M	3.22	20.88	165,742	533,165	2,027,916	8,938,962
2025-11-21	$80.38	$80.00	6.2%	1.9%	4.3%	25.2%	8.8%	2.5%	-1.9%	-3.30B	4.33B	-33.5M	5.51	19.93	67,466	371,859	2,085,427	8,945,829
2025-11-24	$80.55	$80.00	4.6%	1.2%	4.2%	14.7%	6.0%	2.2%	-0.2%	-2.47B	954.0M	-20.6M	0.84	45.28	312,749	261,751	1,544,914	6,665,644
2025-11-25	$80.87	$80.00	4.4%	1.4%	4.5%	13.5%	5.8%	1.4%	-0.2%	-80.2M	-48.1M	-24.0M	1.83	43.05	183,859	336,548	1,661,937	6,852,848
2025-11-26	$80.97	$80.00	4.0%	1.2%	4.3%	11.1%	6.9%	2.7%	-0.1%	-77.6M	-171.9M	-25.7M	8.43	43.91	33,738	284,556	1,720,155	7,133,088
2025-11-28	$80.95	$80.00	3.6%	1.1%	4.3%	8.3%	5.9%	2.9%	-0.1%	154.8M	111.4M	-25.6M	0.87	43.76	54,041	47,120	1,749,357	7,326,831