Is IONL options pricing rich or cheap right now?

As of Jul 15, 2026, GraniteShares 2x Long IONQ Daily ETF (IONL) ATM IV is 190.7% against 20-day realized volatility of 154.3%. IV rank is 43.0%. IONL options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 36.4 vol points.

What is the IONL 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. IONL 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 IONL 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. IONL's current rank of 43.0% 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.

GraniteShares 2x Long IONQ Daily ETF (IONL) 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.

GraniteShares 2x Long IONQ Daily ETF (IONL) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $4.9M, listed on NASDAQ, carrying a beta of 0.00 to the broader market. The primary objective of this fund is to deliver daily investment results that are two times (200%) the daily percentage change of IonQ Inc. public since 2025-03-25.

Snapshot as of Jul 15, 2026.

Spot Price: $12.93
ATM IV: 190.7%
HV 20-Day: 154.3%
HV 60-Day: 197.5%
IV Rank: 43.0%
IV Percentile: 56.3%

As of Jul 15, 2026, GraniteShares 2x Long IONQ Daily ETF (IONL) ATM implied volatility is 190.7%. 20-day realized volatility is 154.3%, producing an IV-HV spread of +36.4 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 43.0%.

How IONL iv/hv history Data Feeds Strategy Selection

Strategy selection on GraniteShares 2x Long IONQ Daily ETF 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 190.7% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. 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.

How to read the IONL IV vs HV chart

The dual-line chart above tracks ATM implied volatility (forward-looking, what the chain is pricing) against 20-day realized historical volatility (backward-looking, what actually happened). ATM IV currently prints at 190.7%, 43.0% IV rank, against 154.3% realized over the trailing 20 trading days. Implied is pricing above realized by 36.4 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. Persistent IV-above-HV is the variance-risk-premium-positive state typical of equity markets; persistent IV-below-HV is rare and usually marks underpriced vol that often expands.

IONL IV/HV regimes and trade selection

IONL IV rank at 43.0% sits mid-range - no structural edge from rank alone. Strategy choice should follow event calendar and the dealer-positioning read.

Using IONL vol history alongside the term structure

The IV/HV gap on this page captures the level of premium; the term-structure slope on the volatility page captures its shape across expirations. Backwardation (negative slope -0.044) indicates acute near-term event risk - near-dated tenors price disproportionate vol. Pair the rank read with the slope read with the event calendar to choose the right tenor for the structure.

IONL IV/HV signal in volatility-cycle context

Equity-vol cycles tend to compress and expand on multi-month timeframes: a typical sequence runs low-IV-rank consolidation (months of flat tape, decaying premium) into a vol-expansion catalyst (earnings miss, macro shock, regime change) into elevated-IV-rank stress (premiums fat, dispersion high) back to mean-reverting compression. IONL's 43.0% IV rank places the ticker in the mid-range of its 1-year window - no strong cycle-position signal. The ratio of HV-20 (154.3%) to HV-60 (197.5%) gives a second cycle indicator: when 20-day exceeds 60-day, recent realization is running hotter than the trailing-quarter average - typically a sign that recent days have already started expanding vol regardless of where IV rank prints. Use the time series above to spot inflection points: meaningful IV/HV gap closures and openings tend to precede regime shifts by a few sessions.

Learn how implied vs realized volatility is reported and how to read the data →

Daily ATM implied volatility and 20-day realized (historical) volatility for IONL over the last ~31 trading days. The IV-HV gap measures the variance risk premium - when IV trades persistently above realized HV, premium-sellers earn the spread; when IV dips below HV, vol is structurally underpriced.

Daily values from end-of-day option_ticker_snapshots. Series sparse on illiquid tickers reflects gaps in the upstream end-of-day options data feed.

Most recent 15 trading days (descending). Older history appears in the chart above.

Date	ATM IV	HV 20d	HV 60d	IV Rank
Jul 15, 2026	190.7%	154.3%	197.5%	43.0%
Jul 14, 2026	189.6%	167.5%	196.9%	42.4%
Jul 13, 2026	194.0%	165.9%	198.1%	45.0%
Jul 10, 2026	164.2%	156.7%	204.9%	26.9%
Jul 9, 2026	178.9%	155.1%	215.0%	35.8%
Jul 8, 2026	188.1%	169.1%	215.2%	41.4%
Jul 7, 2026	188.2%	184.6%	215.3%	41.5%
Jul 6, 2026	183.0%	205.5%	212.8%	38.3%
Jul 2, 2026	177.6%	204.5%	212.8%	35.0%
Jul 1, 2026	173.5%	203.6%	211.4%	32.5%
Jun 30, 2026	180.8%	205.2%	210.8%	37.0%
Jun 29, 2026	189.9%	205.3%	211.6%	42.5%
Jun 26, 2026	171.2%	193.0%	210.7%	31.1%
Jun 25, 2026	183.0%	201.6%	213.0%	38.3%
Jun 24, 2026	186.5%	202.9%	212.4%	40.5%

Frequently asked IONL iv/hv history questions

Is IONL options pricing rich or cheap right now?: As of Jul 15, 2026, GraniteShares 2x Long IONQ Daily ETF (IONL) ATM IV is 190.7% against 20-day realized volatility of 154.3%. IV rank is 43.0%. IONL options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 36.4 vol points.
What is the IONL 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. IONL 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 IONL 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. IONL's current rank of 43.0% 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.