VanEck Semiconductor ETF (SMH) 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.
VanEck Semiconductor ETF (SMH) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $64.28B, listed on NASDAQ, carrying a beta of 1.82 to the broader market. VanEck Semiconductor ETF (SMH) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Listed Semiconductor 25 Index (MVSMHTR), which is intended to track the overall performance of companies involved in semiconductor production and equipment. public since 2000-06-05.
Snapshot as of May 15, 2026.
- Spot Price
- $559.07
- ATM IV
- 47.3%
- HV 20-Day
- 38.8%
- HV 60-Day
- 37.9%
- IV Rank
- 91.5%
- IV Percentile
- 98.8%
As of May 15, 2026, VanEck Semiconductor ETF (SMH) ATM implied volatility is 47.3%. 20-day realized volatility is 38.8%, producing an IV-HV spread of +8.5 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 91.5%.
How SMH iv/hv history Data Feeds Strategy Selection
Strategy selection on VanEck Semiconductor 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 47.3% 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 →
SMH highest implied-volatility contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| PUT | $500.00 | May 22, 2026 | 208.0K | 2.9K | 65.0% | $2.48 | $2.60 |
| PUT | $380.00 | May 22, 2026 | 62.9K | 265 | 96.6% | $0.10 | $0.15 |
| PUT | $380.00 | May 22, 2026 | 62.9K | 265 | 96.6% | $0.10 | $0.15 |
| PUT | $500.00 | May 22, 2026 | 208.0K | 2.9K | 65.0% | $2.48 | $2.60 |
| PUT | $410.00 | May 22, 2026 | 4.2K | 195 | 94.9% | $0.20 | $0.65 |
| PUT | $470.00 | May 29, 2026 | 4.7K | 336 | 60.1% | $1.59 | $2.02 |
Top 6 contracts from the ORATS-sourced nightly scan; ranked by iv within the broader S&P 500/400/600 + ETF universe.
Frequently asked SMH iv/hv history questions
- Is SMH options pricing rich or cheap right now?
- As of May 15, 2026, VanEck Semiconductor ETF (SMH) ATM IV is 47.3% against 20-day realized volatility of 38.8%. IV rank is 91.5%. SMH options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 8.5 vol points.
- What is the SMH 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. SMH 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 SMH 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. SMH's current rank of 91.5% 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.