HYG Options History — December 2025

In December 2025, HYG traded between $80.34 and $80.78. ATM implied volatility averaged 4.2%, placing in the 9.4% IV rank vs the trailing year. The 30-day expected move averaged 1.1%. IV traded above realized volatility by 0.4% (HV 20d: 3.7%). Max pain ranged from $80.00 to $81.00. Net GEX was positive for 2 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 7.66.

Notable Days

  • 2025-12-03: Highest Volume — 992,009 contracts
  • 2025-12-19: Largest IV spike — 34.3% change
  • 2025-12-01: Highest IV Rank — 16.7%
  • 2025-12-02: Largest Expected Move — 1.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.61$80.34$80.78$80.50$80.66
Max Pain$80.14$80.00$81.00$81.00$80.00
ATM IV4.2%3.3%5.0%4.9%5.0%
Expected Move1.1%0.6%1.7%1.7%1.0%
HV 20d3.7%3.0%4.7%4.7%3.0%
HV 60d3.9%3.8%4.0%3.8%3.9%
IV Rank9.4%0.0%16.7%16.7%11.8%
IV Percentile21.3%0.0%50.8%46.8%50.8%
Term Structure0.4%-0.7%2.3%0.7%2.3%
VWIV4.9%2.9%6.6%6.6%4.0%
Skew 25d1.8%-1.5%3.7%3.0%0.6%
Skew 10d3.6%-0.8%6.7%5.8%-0.8%
Call IV 25d3.7%2.1%6.3%4.0%5.6%
Put IV 25d5.4%4.6%6.9%6.9%6.1%
Bid-Ask Spread %36.771.95103.3316.6894.75
Gamma HHI0.220.170.320.170.29
Net GEX-1.20B-2.75B659.9M-1.67B260.6M
Net DEX1.93B169.2M3.63B3.54B788.5M
Net VEX-32.7M-41.6M-25.7M-36.2M-32.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio7.660.7129.392.224.05
Total Volume379,047.59152,155992,009199,36279,664
Total OI9,342,453.0917,717,31210,923,4618,711,1028,226,079

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$80.50$81.004.9%1.7%4.7%16.7%6.6%3.0%0.7%-1.67B3.54B-36.2M2.2216.6861,838137,5241,576,9577,134,145
2025-12-02$80.62$81.004.8%1.7%3.8%15.9%6.4%2.6%-0.1%-1.22B1.84B-32.2M5.2817.2279,281418,7831,612,4977,162,522
2025-12-03$80.73$81.004.4%1.6%3.8%13.4%5.6%2.2%0.2%-338.9M169.2M-28.1M29.394.5332,645959,3641,648,6487,311,470
2025-12-04$80.68$80.004.4%1.1%3.8%13.5%5.5%2.2%0.0%-1.59B1.44B-31.6M13.928.3120,168280,6571,675,9307,813,416
2025-12-05$80.72$80.004.3%1.1%3.8%12.9%5.7%2.2%-0.1%-1.11B961.9M-29.1M15.998.2433,505535,8931,689,2888,028,332
2025-12-08$80.53$80.004.3%1.1%3.9%12.6%4.9%1.8%-0.7%-2.53B3.08B-31.2M3.849.24147,227564,7941,701,2798,040,032
2025-12-09$80.45$80.004.4%1.5%3.7%13.2%5.7%2.1%1.1%-2.75B3.63B-34.1M2.048.54158,028321,9451,813,0438,316,815
2025-12-10$80.75$80.004.3%1.1%3.9%12.5%4.7%1.6%-0.6%-921.8M1.20B-29.5M1.408.51169,228236,9031,806,6638,446,937
2025-12-11$80.70$80.004.0%1.1%3.9%10.9%4.9%1.5%-0.6%-1.04B824.7M-29.6M6.148.3365,274400,9961,851,9288,506,637
2025-12-12$80.57$80.003.9%1.1%3.6%10.3%4.8%1.3%-0.5%-2.42B3.49B-32.7M2.8212.6049,885140,5991,849,7188,637,026
2025-12-15$80.63$80.003.8%1.1%3.6%9.7%6.0%2.0%1.0%-2.07B3.10B-31.6M8.508.2542,948365,0701,856,5438,556,873
2025-12-16$80.66$80.003.6%1.0%3.5%7.9%5.5%1.9%1.0%-1.55B2.15B-28.0M11.118.9332,741363,7221,880,2248,556,646
2025-12-17$80.59$80.003.6%1.0%3.5%4.2%4.7%1.9%0.5%-2.43B2.42B-25.7M17.4010.5116,416285,5951,904,6088,694,119
2025-12-18$80.78$80.003.3%0.9%3.6%0.0%4.4%2.1%0.1%-690.2M1.19B-25.9M2.979.77232,415690,9301,911,5938,644,478
2025-12-19$80.34$80.004.4%1.3%4.1%7.7%4.4%3.7%-0.7%-1.75B3.41B-41.6M5.611.9552,355293,7771,928,9098,994,552
2025-12-22$80.41$80.004.4%1.5%4.0%8.0%4.8%1.5%0.4%-1.13B2.73B-38.2M2.1989.3080,498176,1821,274,3916,442,921
2025-12-23$80.47$80.003.5%0.6%3.9%1.7%3.8%1.0%0.6%-1.02B2.00B-36.8M9.1991.8729,950275,2241,337,5566,502,602
2025-12-24$80.62$80.003.6%0.8%3.7%2.4%3.8%-1.5%1.3%-447.0M1.37B-37.9M0.7198.2030,58621,5691,345,4906,710,623
2025-12-26$80.60$80.003.9%0.7%3.6%4.2%2.9%2.4%-0.2%-637.0M1.67B-37.2M0.9190.0529,12526,5041,360,6556,726,172
2025-12-29$80.63$80.004.4%0.6%3.6%7.8%4.8%2.2%0.4%-58.3M1.05B-36.1M14.1799.908,577121,5291,359,3276,614,366
2025-12-30$80.70$80.004.7%1.1%3.1%9.9%3.4%0.4%2.1%659.9M506.5M-33.3M8.61103.3327,999241,1341,364,9036,717,055
2025-12-31$80.66$80.005.0%1.0%3.0%11.8%4.0%0.6%2.3%260.6M788.5M-32.9M4.0594.7515,78263,8821,389,1556,836,924