VNQ Options History — November 2025

In November 2025, VNQ traded between $88.52 and $91.42. ATM implied volatility averaged 17.4%, placing in the 14.5% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 2.2% (HV 20d: 15.2%). Max pain ranged from $90.00 to $91.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.83.

Notable Days

  • 2025-11-21: Highest Volume — 1,798 contracts
  • 2025-11-11: Largest IV drop — 11.6% change
  • 2025-11-03: Highest IV Rank — 18.8%
  • 2025-11-03: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$89.82$88.52$91.42$88.85$91.41
Max Pain$90.84$90.00$91.00$90.00$91.00
ATM IV17.4%15.5%18.9%18.9%15.5%
Expected Move5.0%4.4%5.4%5.4%4.4%
HV 20d15.2%11.6%16.1%16.0%11.6%
HV 60d13.9%13.6%14.3%14.2%13.6%
IV Rank14.5%8.7%18.8%18.8%8.7%
IV Percentile60.3%15.9%77.4%77.4%15.9%
Term Structure-0.2%-1.7%1.2%-0.4%-1.3%
VWIV16.8%15.6%18.7%17.2%17.1%
Skew 25d4.5%2.5%7.3%4.1%2.5%
Skew 10d9.0%-3.9%18.7%-3.9%9.1%
Call IV 25d15.1%13.5%16.3%16.1%14.9%
Put IV 25d19.6%17.5%21.9%20.2%17.5%
Bid-Ask Spread %66.5960.5575.5875.5864.96
Gamma HHI0.100.080.180.080.11
Net GEX-1.8M-4.9M698.6K-1.8M698.6K
Net DEX48.7M25.6M65.3M59.7M25.6M
Net VEX-439.5K-475.0K-405.5K-475.0K-424.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.830.261.800.261.80
Total Volume566.4741781,798682182
Total OI46,780.21142,80248,26847,18844,439

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$88.85$90.0018.9%5.4%16.0%18.8%17.2%4.1%-0.4%-1.8M59.7M-475.0K0.2675.58N/AN/A54014215,52131,667
2025-11-04$89.22$90.0018.0%5.2%16.0%16.2%18.5%3.3%0.4%-1.8M55.0M-473.9K1.3068.21N/AN/A24031315,17931,714
2025-11-05$89.45$90.0017.5%5.0%16.0%14.7%15.6%4.5%0.3%-1.9M54.8M-466.0K0.2870.84N/AN/A1544315,29931,854
2025-11-06$89.12$91.0017.4%4.9%16.0%14.4%15.7%4.6%0.2%-1.9M56.2M-443.5K0.9961.05N/AN/A11611515,36631,875
2025-11-07$90.00$91.0017.9%5.0%15.8%16.1%17.1%4.5%-0.2%-1.3M47.8M-466.9K1.0765.93N/AN/A20622015,38931,952
2025-11-10$90.50$91.0018.4%5.1%15.9%17.4%16.7%4.5%0.1%-826.7K42.8M-464.0K0.3169.79N/AN/A35010715,38231,905
2025-11-11$91.18$91.0016.3%4.6%15.9%11.0%16.9%3.5%0.3%167.5K33.8M-453.3K0.7960.55N/AN/A45435815,50031,897
2025-11-12$90.73$91.0017.1%4.9%14.7%13.5%16.5%3.6%1.2%-267.0K36.4M-458.6K1.5170.43N/AN/A7110715,59331,955
2025-11-13$89.47$91.0017.9%5.1%15.4%16.1%17.5%3.9%0.3%-1.8M49.5M-458.1K1.2968.18N/AN/A11214415,67132,001
2025-11-14$89.69$91.0016.7%4.8%15.3%12.3%16.0%4.5%-0.3%-2.5M53.1M-433.4K0.4767.46N/AN/A25011715,65232,049
2025-11-17$88.78$91.0017.5%5.0%15.1%14.6%17.0%3.4%0.3%-3.5M63.7M-405.5K0.5966.09N/AN/A39423215,67732,117
2025-11-18$89.28$91.0018.3%5.3%15.4%17.2%16.8%5.2%-0.8%-3.5M59.6M-410.8K0.2865.07N/AN/A3409615,69832,219
2025-11-19$88.63$91.0018.2%5.2%15.4%16.8%17.7%5.1%-0.9%-4.1M65.3M-414.8K1.5368.74N/AN/A22033715,86332,249
2025-11-20$88.52$91.0018.2%5.2%15.3%16.8%18.7%4.3%0.0%-4.9M64.0M-407.8K1.0160.96N/AN/A22022215,90332,365
2025-11-21$89.62$91.0017.0%4.9%16.0%13.3%16.9%7.3%-0.5%-4.1M53.9M-407.6K0.7064.68N/AN/A1,05674216,00032,150
2025-11-24$89.79$91.0016.2%4.6%16.1%10.7%16.4%5.3%-0.3%-848.0K44.7M-424.6K0.6768.47N/AN/A77151913,36829,434
2025-11-25$90.93$91.0017.2%4.9%15.5%13.9%15.7%5.3%-1.7%25.0K32.9M-430.7K0.4667.01N/AN/A52924214,01729,677
2025-11-26$91.42$91.0016.7%4.8%11.7%12.2%15.9%5.4%-1.4%631.5K26.9M-432.4K0.5161.22N/AN/A33316914,46529,762
2025-11-28$91.41$91.0015.5%4.4%11.6%8.7%17.1%2.5%-1.3%698.6K25.6M-424.1K1.8064.96N/AN/A6511714,64029,799