PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) operates in the Financial Services sector, specifically the Asset Management - Bonds industry, with a market capitalization near $1.71B, listed on AMEX, carrying a beta of 0.47 to the broader market. The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 0-5 Year US High Yield Constrained IndexSM public since 2011-06-17.
Snapshot as of May 15, 2026.
- Spot Price
- $93.08
- ATM IV
- 22.2%
- HV 20-Day
- 5.6%
- HV 60-Day
- 7.4%
- IV Rank
- 30.5%
- IV Percentile
- 46.8%
As of May 15, 2026, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) ATM implied volatility is 22.2%. 20-day realized volatility is 5.6%, producing an IV-HV spread of +16.6 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 30.5%.
How HYS iv/hv history Data Feeds Strategy Selection
Strategy selection on PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 22.2% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
Frequently asked HYS iv/hv history questions
- Is HYS options pricing rich or cheap right now?
- As of May 15, 2026, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) ATM IV is 22.2% against 20-day realized volatility of 5.6%. IV rank is 30.5%. HYS options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 16.6 vol points.
- What is the HYS variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. HYS is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does HYS IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. HYS's current rank of 30.5% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.