HYG Options History — January 2026

In January 2026, HYG traded between $80.66 and $81.19. ATM implied volatility averaged 3.8%, placing in the 3.7% IV rank vs the trailing year. The 30-day expected move averaged 1.0%. IV traded above realized volatility by 1.4% (HV 20d: 2.4%). Max pain ranged from $80.00 to $81.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 6.14.

Notable Days

  • 2026-01-06: Highest Volume — 1,567,567 contracts
  • 2026-01-05: Largest IV drop — 17.2% change
  • 2026-01-30: Highest IV Rank — 7.4%
  • 2026-01-12: Largest Expected Move — 1.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$81.01$80.66$81.19$80.66$81.09
Max Pain$80.50$80.00$81.00$80.00$81.00
ATM IV3.8%3.5%4.3%4.3%4.3%
Expected Move1.0%0.8%1.1%1.1%0.8%
HV 20d2.4%1.7%3.1%3.0%1.8%
HV 60d3.6%3.0%4.0%3.9%3.0%
IV Rank3.7%1.9%7.4%7.2%7.4%
IV Percentile10.3%1.2%31.3%23.8%31.3%
Term Structure0.1%-0.1%0.6%0.6%0.1%
VWIV4.7%3.6%6.9%4.3%4.4%
Skew 25d1.9%1.4%2.8%1.9%1.4%
Skew 10d3.4%2.4%5.9%3.5%2.4%
Call IV 25d3.0%2.6%3.5%2.9%3.0%
Put IV 25d4.9%4.3%6.1%4.8%4.3%
Bid-Ask Spread %3.862.134.472.133.83
Gamma HHI0.300.170.490.270.22
Net GEX560.5M-1.84B4.35B-13.0M-1.04B
Net DEX-656.4M-2.40B1.88B907.8M1.79B
Net VEX-26.4M-32.5M-19.9M-32.1M-27.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio6.141.2217.251.925.26
Total Volume504,045.75200,8871,567,567223,212313,127
Total OI9,066,343.57,788,67411,061,5818,260,1488,702,541

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$80.66$80.004.3%1.1%3.0%7.2%4.3%1.9%0.6%-13.0M907.8M-32.1M1.922.1376,529146,6831,397,1486,863,000
2026-01-05$80.87$80.003.6%1.0%3.1%2.0%5.6%1.8%-0.1%1.73B-1.29B-27.5M3.264.20179,071583,4881,421,7876,875,790
2026-01-06$80.93$80.003.7%1.0%3.1%2.9%5.6%1.7%-0.1%1.64B-1.70B-26.2M8.724.24161,2381,406,3291,432,4716,992,842
2026-01-07$80.87$80.003.8%1.1%3.0%4.0%6.9%1.9%-0.1%1.26B-1.06B-32.5M5.823.8781,734475,2801,571,9718,009,976
2026-01-08$80.91$80.003.8%1.1%3.0%3.3%5.4%1.8%-0.1%1.22B-951.7M-31.1M9.423.4873,797695,0761,560,1068,289,531
2026-01-09$81.00$80.003.9%1.1%2.7%4.1%3.6%1.7%-0.1%2.00B-1.94B-27.1M2.853.73103,716295,6421,550,3278,355,292
2026-01-12$81.00$80.004.0%1.1%2.7%5.0%5.4%2.3%0.1%1.71B-1.24B-27.6M6.813.5962,777427,2231,500,4388,477,271
2026-01-13$81.00$80.003.9%1.1%2.6%4.3%4.5%2.2%0.1%2.45B-1.39B-25.0M7.414.2256,713420,2861,465,5908,796,779
2026-01-14$81.02$80.003.9%1.1%2.6%4.0%5.0%2.3%0.1%3.22B-1.99B-22.7M7.513.6690,697681,4891,461,9099,023,253
2026-01-15$81.05$80.003.8%1.1%2.6%3.3%4.0%2.0%0.1%4.35B-2.40B-23.8M1.263.96122,100153,9301,537,7519,426,834
2026-01-16$81.06$81.003.7%1.0%2.6%2.8%4.4%2.1%0.1%1.43B-2.18B-27.7M1.224.47292,182356,2561,521,1219,540,460
2026-01-20$80.88$81.003.9%1.1%2.6%4.1%6.0%2.8%0.1%-1.84B1.88B-31.9M17.254.0418,070311,7571,099,1386,689,536
2026-01-21$81.10$81.003.7%1.1%1.8%2.8%4.8%2.0%0.3%-1.23B437.0M-28.7M7.203.8352,806380,0481,118,3546,843,900
2026-01-22$81.16$81.003.7%1.0%1.8%2.7%4.1%1.9%0.2%-948.4M-943.7M-22.4M2.083.9099,726207,5461,134,4047,008,741
2026-01-23$81.10$81.003.6%1.0%1.8%2.4%4.0%1.5%0.2%-1.14B-57.5M-25.1M5.093.8232,987167,9001,217,0417,078,682
2026-01-26$81.18$81.003.7%1.0%1.7%3.1%4.1%1.7%0.0%-813.4M-940.7M-21.8M8.134.1027,202221,0231,217,3327,065,689
2026-01-27$81.19$81.003.6%1.0%1.7%2.5%3.7%1.6%0.1%-210.3M-1.18B-20.8M7.633.7038,650294,8591,233,1617,047,798
2026-01-28$81.06$81.003.5%1.0%1.9%1.9%3.6%1.6%0.0%-892.7M-512.2M-19.9M7.814.3154,857428,6701,254,8777,094,844
2026-01-29$81.03$81.003.8%0.9%1.9%3.6%4.9%1.5%-0.1%-1.66B1.64B-26.3M6.164.0968,406421,0451,268,2707,180,915
2026-01-30$81.09$81.004.3%0.8%1.8%7.4%4.4%1.4%0.1%-1.04B1.79B-27.9M5.263.8350,043263,0841,284,7627,417,779