XLF Options History — January 2025

In January 2025, XLF traded between $47.31 and $51.52. ATM implied volatility averaged 16.1%, placing in the 35.9% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded below realized volatility by 0.2% (HV 20d: 16.2%). Max pain ranged from $43.00 to $50.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.76.

Notable Days

  • 2025-01-30: Highest Volume — 991,348 contracts
  • 2025-01-15: Largest IV drop — 15.8% change
  • 2025-01-14: Highest IV Rank — 58.4%
  • 2025-01-10: Largest Expected Move — 5.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$49.70$47.31$51.52$48.26$51.50
Max Pain$48.55$43.00$50.00$43.00$50.00
ATM IV16.1%13.9%19.1%17.8%15.1%
Expected Move4.5%4.0%5.3%5.1%4.3%
HV 20d16.2%13.9%20.2%14.0%15.3%
HV 60d18.9%17.8%19.5%18.4%19.0%
IV Rank35.9%19.4%58.4%48.6%28.5%
IV Percentile64.6%27.4%93.7%88.1%57.5%
Term Structure-0.2%-1.0%0.3%0.1%0.1%
VWIV16.1%14.0%18.8%17.7%16.2%
Skew 25d2.5%1.4%3.7%2.6%2.7%
Skew 10d5.7%3.4%8.5%6.5%5.2%
Call IV 25d15.2%13.2%17.9%17.0%13.9%
Put IV 25d17.7%14.9%21.2%19.6%16.6%
Bid-Ask Spread %2.181.753.252.112.20
Gamma HHI0.120.080.170.090.13
Net GEX172.0M-56.5M326.1M25.7M242.8M
Net DEX-4.32B-7.57B-2.33B-3.78B-4.12B
Net VEX-32.6M-36.5M-31.4M-33.4M-36.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.211.620.271.62
Total Volume250,541.893,553991,348142,040255,105
Total OI5,964,909.954,618,5587,307,1836,691,6775,070,765

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-01-02$48.26$43.0017.8%5.1%14.0%48.6%17.7%2.6%0.1%25.7M-3.78B-33.4M0.272.11111,44930,5912,792,2473,899,430
2025-01-03$48.56$43.0016.9%4.7%14.3%41.8%17.2%2.6%-0.2%62.4M-4.35B-32.7M0.932.0265,03260,7912,851,8283,904,656
2025-01-06$48.39$49.0017.6%5.1%14.1%46.9%16.6%1.7%-1.0%43.5M-4.04B-32.7M0.452.11110,34249,2712,838,3303,928,663
2025-01-07$48.22$49.0018.3%5.1%14.1%52.5%17.0%2.6%-0.8%28.8M-3.82B-32.3M1.001.8946,68346,8702,878,5463,933,961
2025-01-08$48.41$49.0017.6%5.0%13.9%47.1%17.2%2.9%-0.3%38.8M-4.05B-32.6M1.621.7554,78589,0012,903,3023,956,526
2025-01-10$47.31$49.0018.3%5.3%15.9%52.3%17.5%3.7%-0.4%-56.5M-2.33B-31.8M1.502.1885,980128,7402,934,6684,006,098
2025-01-13$47.59$49.0019.1%5.2%16.1%58.3%18.8%3.6%-1.0%-38.6M-2.64B-32.0M0.681.89159,713108,2212,892,1254,008,487
2025-01-14$48.13$49.0019.1%5.3%16.8%58.4%18.2%3.1%-0.5%18.4M-3.63B-33.1M0.572.10120,68168,6162,975,7194,029,743
2025-01-15$49.59$49.0016.1%4.4%20.1%36.2%17.4%2.6%-0.6%244.2M-6.23B-32.0M0.692.21261,541179,6333,050,0234,028,984
2025-01-16$49.77$49.0014.9%4.2%20.1%27.1%16.2%2.4%-0.4%319.5M-6.56B-33.0M1.121.7565,15073,2283,124,1984,142,891
2025-01-17$50.23$49.0015.6%4.4%20.2%32.1%15.3%2.3%-0.6%254.0M-7.57B-33.5M0.372.18236,01288,3953,142,6424,164,541
2025-01-21$50.64$49.0014.3%4.1%16.9%22.9%14.5%1.8%0.2%291.2M-3.75B-33.0M0.382.70154,63258,1752,055,8292,562,729
2025-01-22$50.45$49.0013.9%4.0%17.1%19.7%14.0%1.8%0.3%294.8M-3.68B-31.7M0.592.37129,36876,7412,088,2602,585,702
2025-01-23$50.63$49.0013.9%4.0%16.5%19.4%14.1%1.4%-0.0%326.1M-3.95B-31.4M0.342.0487,92329,9822,109,9462,606,504
2025-01-24$50.75$49.0014.0%4.0%16.3%20.2%14.3%1.7%0.1%256.8M-4.04B-31.7M0.212.15276,24557,0702,119,7482,622,738
2025-01-27$51.25$49.0014.8%4.3%16.2%26.6%14.3%3.3%0.3%285.2M-4.42B-32.0M0.402.22117,05246,7772,078,0502,613,463
2025-01-28$51.41$49.0014.5%4.2%16.2%24.5%15.2%2.8%-0.0%268.9M-4.53B-32.3M0.462.12138,66464,2442,067,2252,643,959
2025-01-29$51.34$50.0014.5%4.2%15.6%24.0%15.6%2.7%0.1%264.5M-4.39B-32.4M1.172.44131,893154,8922,090,1762,679,322
2025-01-30$51.52$50.0015.5%4.4%15.4%31.5%15.2%2.6%0.1%270.4M-4.60B-32.8M0.753.25568,035423,3132,170,9192,745,256
2025-01-31$51.50$50.0015.1%4.3%15.3%28.5%16.2%2.7%0.1%242.8M-4.12B-36.5M1.622.2097,321157,7842,175,4382,895,327