What is the current XHS ATM implied volatility?

As of May 15, 2026, State Street SPDR S&P Health Care Services ETF (XHS) at-the-money implied volatility is 20.1%. IV rank is 1.1% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.

Is XHS IV high or low historically?

IV is subdued relative to its 1-year history, conditions that typically favor premium-buying strategies (long calls, long puts, debit spreads, calendar spreads).

What does XHS volatility skew tell options traders?

Volatility skew is the pattern by which IV varies across strikes for a given expiration. State Street SPDR S&P Health Care Services ETF shows upside-skewed pricing: 25-delta calls trade richer than 25-delta puts, often reflecting upside speculation or squeeze risk. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.

State Street SPDR S&P Health Care Services ETF (XHS) Volatility Skew

Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.

State Street SPDR S&P Health Care Services ETF (XHS) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $84.6M, listed on AMEX, carrying a beta of 1.10 to the broader market. The State Street SPDR S&P Health Care Services ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of S&P Health Care Services Select Industry Index (the "Index")Seeks to provide exposure to health care services segment of the S&P TMI, which comprises the following sub-industries: Health Care Distributors, Health Care Facilities, Health Care Services, and Managed Health CareSeeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocksAllows investors to take strategic or tactical positions at a more targeted level than traditional sector based investing public since 2011-09-29.

Snapshot as of May 15, 2026.

Spot Price: $112.63
ATM IV: 20.1%
IV Skew 25Δ: 0.035
IV Rank: 1.1%
IV Percentile: 37.7%
Term Structure Slope: -0.012

As of May 15, 2026, State Street SPDR S&P Health Care Services ETF (XHS) at-the-money implied volatility is 20.1%. IV rank is 1.1% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 37.7%. The 25-delta skew is +0.035: calls carry premium over puts, indicating upside speculation or squeeze risk. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.

XHS Strategy Selection at Current Volatility Levels

For State Street SPDR S&P Health Care Services ETF options at 20.1% ATM IV, low IV rank (1.1%) favors premium-buying or long-vol structures: long calls or puts, debit spreads, calendar spreads, long straddles. The risk: low-rank regimes can persist for months while time decay eats premium-buyers alive. The 25-delta skew tilts to calls, so call-credit spreads or covered-call writes harvest more premium than put-credit spreads of the same width. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.

Learn how volatility skew is reported and how to read the data →

Frequently asked XHS volatility skew questions

What is the current XHS ATM implied volatility?: As of May 15, 2026, State Street SPDR S&P Health Care Services ETF (XHS) at-the-money implied volatility is 20.1%. IV rank is 1.1% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
Is XHS IV high or low historically?: IV is subdued relative to its 1-year history, conditions that typically favor premium-buying strategies (long calls, long puts, debit spreads, calendar spreads).
What does XHS volatility skew tell options traders?: Volatility skew is the pattern by which IV varies across strikes for a given expiration. State Street SPDR S&P Health Care Services ETF shows upside-skewed pricing: 25-delta calls trade richer than 25-delta puts, often reflecting upside speculation or squeeze risk. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.