VNQ Options History — September 2025

In September 2025, VNQ traded between $90.20 and $93.22. ATM implied volatility averaged 15.9%, placing in the 9.7% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.7% (HV 20d: 14.1%). Max pain ranged from $90.00 to $91.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.89.

Notable Days

  • 2025-09-26: Highest Volume — 3,034 contracts
  • 2025-09-10: Largest IV drop — 12.4% change
  • 2025-09-09: Highest IV Rank — 14.8%
  • 2025-09-02: Largest Expected Move — 5.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$91.69$90.20$93.22$90.59$91.31
Max Pain$90.90$90.00$91.00$90.00$91.00
ATM IV15.9%14.8%17.5%17.3%16.0%
Expected Move4.5%4.2%5.0%5.0%4.6%
HV 20d14.1%12.3%15.4%13.9%12.3%
HV 60d14.1%13.2%14.7%14.1%13.3%
IV Rank9.7%6.5%14.8%14.1%10.1%
IV Percentile26.2%4.4%61.9%58.7%31.3%
Term Structure0.7%-1.1%1.9%-1.1%-0.1%
VWIV15.5%14.4%18.3%18.3%15.0%
Skew 25d3.3%2.0%4.1%3.7%4.0%
Skew 10d6.5%4.2%9.5%7.1%7.9%
Call IV 25d14.4%13.5%16.0%16.0%13.9%
Put IV 25d17.6%16.8%19.7%19.7%17.9%
Bid-Ask Spread %60.0753.0471.2871.2857.09
Gamma HHI0.130.080.400.080.10
Net GEX2.5M416.4K6.5M631.0K796.6K
Net DEX10.8M-15.8M31.8M22.5M27.3M
Net VEX-457.1K-536.3K-425.6K-450.3K-536.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.890.126.661.660.22
Total Volume1,156.9522973,034550432
Total OI44,993.57138,25148,52544,70144,592

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$90.59$90.0017.3%5.0%13.9%14.1%18.3%3.7%-1.1%631.0K22.5M-450.3K1.6671.28N/AN/A20734315,10529,596
2025-09-03$90.65$90.0016.2%4.6%13.8%10.7%16.6%3.8%-0.7%919.0K23.6M-451.4K0.3253.04N/AN/A42213515,22429,753
2025-09-04$91.38$91.0016.5%4.4%14.0%11.6%15.4%3.9%1.1%1.5M15.3M-455.5K0.2461.11N/AN/A2405715,40129,821
2025-09-05$92.51$91.0015.7%4.2%14.6%9.1%14.5%3.5%1.5%2.3M2.0M-461.7K0.7362.69N/AN/A26519315,58529,823
2025-09-08$91.59$91.0017.3%4.4%14.8%14.1%15.2%3.0%0.9%2.0M11.1M-456.8K0.8355.08N/AN/A70058115,68329,822
2025-09-09$91.59$91.0017.5%4.4%14.6%14.8%14.8%3.5%1.3%2.4M10.1M-450.0K0.4563.22N/AN/A23810716,24830,288
2025-09-10$91.56$91.0015.4%4.4%14.6%8.2%14.9%3.0%0.9%2.6M8.8M-453.8K1.3257.17N/AN/A43757716,37330,314
2025-09-11$93.22$91.0015.7%4.5%15.4%9.3%14.4%3.1%1.0%4.2M-15.8M-448.0K0.8453.08N/AN/A75262916,51230,838
2025-09-12$93.01$91.0015.1%4.3%15.2%7.4%14.8%2.9%1.5%4.3M-10.1M-454.6K0.6258.52N/AN/A48830316,58131,053
2025-09-15$92.69$91.0015.4%4.4%15.3%8.3%15.9%2.5%0.8%4.4M-5.2M-446.2K0.5655.09N/AN/A64435816,73231,166
2025-09-16$92.20$91.0015.7%4.5%15.2%9.3%16.7%3.0%1.0%4.4M969.1K-438.1K0.3459.92N/AN/A99033516,99631,236
2025-09-17$92.19$91.0015.2%4.4%14.4%7.8%14.9%3.1%1.9%5.6M-698.2K-432.3K0.1264.64N/AN/A1,58718817,08031,360
2025-09-18$92.22$91.0015.7%4.5%14.3%9.2%15.8%2.0%0.7%6.5M440.6K-425.6K1.0262.74N/AN/A1,2401,26517,06131,423
2025-09-19$92.06$91.0015.0%4.3%14.1%7.2%15.1%3.0%0.8%6.4M3.7M-433.7K0.1761.15N/AN/A2,29538917,13831,387
2025-09-22$91.69$91.0014.8%4.2%12.3%6.5%15.2%3.2%1.1%416.4K19.2M-442.6K0.9258.49N/AN/A85178612,36225,889
2025-09-23$92.18$91.0015.0%4.3%12.4%7.2%14.5%2.7%1.1%556.7K14.5M-448.7K0.3464.34N/AN/A82427813,08626,535
2025-09-24$90.56$91.0016.2%4.6%13.9%10.8%16.1%3.8%0.3%536.1K24.7M-454.3K0.4461.79N/AN/A43919213,69126,749
2025-09-25$90.20$91.0016.5%4.7%13.6%11.6%15.6%3.2%0.3%429.4K25.6M-461.9K0.4862.16N/AN/A53125413,95926,905
2025-09-26$91.03$91.0015.2%4.4%13.9%7.8%15.2%3.3%0.6%1.0M17.9M-464.9K6.6656.53N/AN/A3962,63814,30127,092
2025-09-29$91.16$91.0015.7%4.5%13.7%9.3%15.6%4.1%0.1%537.7K31.8M-531.9K0.3962.26N/AN/A51119914,48529,620
2025-09-30$91.31$91.0016.0%4.6%12.3%10.1%15.0%4.0%-0.1%796.6K27.3M-536.3K0.2257.09N/AN/A3537914,88029,712