XLF Options History — January 2026

In January 2026, XLF traded between $52.89 and $56.47. ATM implied volatility averaged 15.7%, placing in the 8.5% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 0.8% (HV 20d: 14.9%). Max pain ranged from $53.00 to $56.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.29.

Notable Days

2026-01-30: Highest Volume — 461,923 contracts
2026-01-20: Largest IV spike — 19.1% change
2026-01-20: Highest IV Rank — 16.5%
2026-01-20: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$54.34	$52.89	$56.47	$54.84	$53.41
Max Pain	$54.30	$53.00	$56.00	$53.00	$54.00
ATM IV	15.7%	14.0%	18.6%	14.0%	16.1%
Expected Move	4.4%	4.0%	5.3%	4.0%	4.5%
HV 20d	14.9%	9.4%	17.6%	9.4%	17.6%
HV 60d	14.1%	13.6%	14.6%	13.8%	14.0%
IV Rank	8.5%	3.8%	16.5%	3.8%	9.7%
IV Percentile	34.5%	6.3%	75.8%	6.3%	41.7%
Term Structure	0.4%	-0.6%	1.6%	0.3%	0.3%
VWIV	16.2%	14.3%	20.2%	14.3%	17.4%
Skew 25d	3.7%	2.8%	5.6%	3.7%	4.6%
Skew 10d	7.2%	-6.2%	15.8%	7.8%	9.1%
Call IV 25d	14.3%	12.8%	16.3%	12.8%	14.5%
Put IV 25d	18.1%	16.6%	21.9%	16.6%	19.1%
Bid-Ask Spread %	25.09	13.66	58.00	21.26	19.71
Gamma HHI	0.09	0.07	0.13	0.12	0.07
Net GEX	25.0M	-118.2M	193.4M	116.1M	-64.7M
Net DEX	-870.0M	-3.37B	932.5M	-1.82B	385.5M
Net VEX	-32.3M	-34.2M	-29.9M	-31.4M	-34.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.29	0.36	4.26	1.27	4.26
Total Volume	192,473.65	60,795	461,923	81,788	461,923
Total OI	4,196,947.15	3,445,532	4,888,539	4,435,337	3,856,802

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2026-01-02	$54.84	$53.00	14.0%	4.0%	9.4%	3.8%	14.3%	3.7%	0.3%	116.1M	-1.82B	-31.4M	1.27	21.26	35,993	45,795	1,653,665	2,781,672
2026-01-05	$56.16	$55.00	15.2%	4.3%	12.3%	7.2%	15.8%	3.7%	-0.1%	189.8M	-3.22B	-29.9M	0.36	15.58	289,744	105,415	1,616,916	2,764,639
2026-01-06	$56.47	$55.00	15.2%	4.5%	12.4%	7.2%	15.7%	2.9%	-0.1%	193.4M	-3.37B	-30.4M	1.18	17.14	81,789	96,220	1,649,792	2,826,254
2026-01-07	$55.59	$55.00	15.6%	4.3%	13.7%	8.1%	15.9%	4.2%	0.1%	149.6M	-2.37B	-31.2M	1.95	40.71	59,468	115,802	1,687,426	2,838,496
2026-01-08	$55.97	$55.00	16.0%	4.5%	13.7%	9.4%	17.5%	3.5%	0.8%	183.5M	-2.90B	-30.5M	0.96	15.99	87,779	84,657	1,706,222	2,832,720
2026-01-09	$55.80	$55.00	14.8%	4.1%	13.3%	6.1%	14.9%	3.0%	1.1%	180.6M	-2.78B	-31.7M	1.33	51.70	73,823	97,942	1,759,149	2,876,123
2026-01-12	$55.30	$56.00	15.4%	4.4%	12.6%	7.7%	16.7%	3.5%	0.3%	129.7M	-2.02B	-31.7M	0.89	13.66	112,454	99,847	1,727,156	2,891,321
2026-01-13	$54.17	$54.00	16.2%	4.6%	14.6%	9.9%	15.9%	2.8%	-0.0%	25.7M	-807.0M	-32.3M	0.94	15.77	219,043	205,407	1,780,980	2,924,225
2026-01-14	$54.06	$54.00	16.5%	4.6%	14.6%	10.6%	17.1%	4.5%	-0.3%	-11.7M	-703.4M	-32.1M	1.85	53.51	60,952	112,484	1,797,768	2,962,194
2026-01-15	$54.34	$54.00	15.4%	4.4%	14.7%	7.7%	14.7%	3.5%	-0.2%	24.0M	-982.8M	-32.5M	0.59	20.05	74,531	43,714	1,825,891	3,019,759
2026-01-16	$54.39	$54.00	15.6%	4.5%	14.7%	8.2%	16.2%	3.0%	0.1%	27.6M	-1.27B	-32.2M	0.79	23.47	73,110	57,515	1,870,444	3,018,095
2026-01-20	$53.20	$54.00	18.6%	5.3%	16.6%	16.5%	20.2%	5.6%	-0.6%	-61.8M	608.2M	-33.0M	2.60	20.37	66,198	171,949	1,406,751	2,038,781
2026-01-21	$53.55	$54.00	15.7%	4.5%	16.8%	8.6%	16.6%	3.7%	1.6%	-74.9M	395.1M	-32.6M	1.36	16.73	72,747	99,263	1,406,148	2,156,420
2026-01-22	$53.75	$54.00	15.6%	4.4%	16.4%	8.1%	15.3%	3.4%	1.6%	-61.5M	222.0M	-32.7M	0.86	18.40	60,242	52,029	1,446,313	2,166,035
2026-01-23	$53.08	$54.00	15.7%	4.4%	16.8%	8.6%	16.6%	3.5%	0.9%	-118.2M	760.3M	-32.7M	1.35	24.56	107,070	145,026	1,490,479	2,173,142
2026-01-26	$53.44	$54.00	15.0%	4.3%	16.9%	6.7%	15.6%	3.6%	0.5%	-57.4M	336.3M	-33.2M	0.82	15.79	64,434	52,769	1,498,418	2,173,159
2026-01-27	$53.02	$54.00	15.5%	4.4%	17.1%	7.9%	15.5%	3.9%	0.4%	-99.9M	765.9M	-33.5M	0.78	16.19	44,606	34,883	1,539,738	2,194,134
2026-01-28	$52.89	$54.00	15.6%	4.4%	17.0%	8.2%	15.4%	4.0%	0.3%	-109.6M	932.5M	-33.6M	0.95	58.00	31,185	29,610	1,561,959	2,216,411
2026-01-29	$53.45	$54.00	16.3%	4.6%	17.6%	10.2%	16.9%	4.0%	0.2%	-60.0M	437.2M	-33.8M	0.62	23.28	75,392	46,663	1,577,178	2,226,168
2026-01-30	$53.41	$54.00	16.1%	4.5%	17.6%	9.7%	17.4%	4.6%	0.3%	-64.7M	385.5M	-34.2M	4.26	19.71	87,881	374,042	1,604,875	2,251,927