XLI Options History — January 2026

In January 2026, XLI traded between $157.72 and $166.81. ATM implied volatility averaged 15.2%, placing in the 9.0% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded below realized volatility by 0.1% (HV 20d: 15.4%). Max pain ranged from $150.00 to $160.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 4.87.

Notable Days

  • 2026-01-15: Highest Volume — 177,872 contracts
  • 2026-01-20: Largest IV spike — 20.9% change
  • 2026-01-20: Highest IV Rank — 17.4%
  • 2026-01-20: Largest Expected Move — 5.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$163.35$157.72$166.81$157.72$165.19
Max Pain$157.90$150.00$160.00$150.00$160.00
ATM IV15.2%13.5%18.2%13.5%15.7%
Expected Move4.3%3.8%5.2%3.8%4.4%
HV 20d15.4%12.8%16.8%12.8%16.4%
HV 60d13.9%13.5%14.3%13.6%14.2%
IV Rank9.0%4.2%17.4%4.2%10.3%
IV Percentile40.2%8.3%78.6%8.3%52.8%
Term Structure0.0%-0.2%0.3%-0.0%0.3%
VWIV15.8%12.7%18.9%12.7%15.5%
Skew 25d3.2%2.8%4.5%3.0%3.5%
Skew 10d7.9%6.4%11.5%7.6%8.6%
Call IV 25d14.0%12.0%15.9%12.0%14.1%
Put IV 25d17.2%15.1%20.4%15.1%17.6%
Bid-Ask Spread %9.136.2719.8312.269.34
Gamma HHI0.090.080.120.100.09
Net GEX3.9M-78.8M82.3M24.4M-13.4M
Net DEX-650.5M-1.37B57.0M-722.4M-319.6M
Net VEX-5.8M-7.1M-4.1M-5.0M-6.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio4.870.0858.231.5058.23
Total Volume39,4004,549177,87210,817138,951
Total OI550,542.25504,777662,015526,581574,719

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$157.72$150.0013.5%3.8%12.8%4.2%12.7%3.0%-0.0%24.4M-722.4M-5.0M1.5012.264,3336,484149,731376,850
2026-01-05$159.95$156.0014.0%4.2%13.6%5.4%14.5%2.8%0.0%60.3M-871.2M-4.4M0.7013.2413,9459,701128,757376,020
2026-01-06$162.00$157.0014.3%4.2%14.1%6.4%18.9%3.0%0.1%82.3M-1.10B-4.1M7.7213.3120,227156,092132,925378,422
2026-01-07$159.00$157.0015.7%4.5%15.9%10.3%15.8%3.3%-0.1%18.4M-597.7M-5.5M1.2819.837,0509,001131,734381,929
2026-01-08$160.12$157.0015.1%4.3%15.8%8.8%15.6%3.4%0.0%29.8M-721.5M-5.5M0.219.8820,9574,413135,364387,178
2026-01-09$162.03$157.0014.1%4.1%15.1%5.8%15.0%2.8%0.1%69.7M-992.1M-5.2M0.816.714,8963,967139,402387,939
2026-01-12$162.94$157.0014.4%4.1%15.0%6.6%15.2%2.8%-0.1%74.1M-1.17B-4.5M0.517.296,6063,340137,794386,841
2026-01-13$163.61$157.0015.1%4.3%14.7%8.8%16.0%3.2%-0.1%71.9M-1.17B-4.8M0.316.9112,1463,771139,898388,734
2026-01-14$163.87$158.0015.5%4.4%14.7%9.7%13.5%3.0%-0.1%62.9M-1.22B-4.8M1.909.7122,41242,504139,996390,778
2026-01-15$165.63$158.0014.8%4.2%14.8%7.8%17.5%2.8%-0.2%38.8M-1.37B-5.7M11.476.6414,265163,607160,294442,673
2026-01-16$166.81$158.0015.0%4.3%12.8%8.5%15.5%2.9%-0.1%-27.1M-1.28B-6.6M3.486.275,31518,492151,728510,287
2026-01-20$163.41$158.0018.2%5.2%15.3%17.4%18.1%4.5%0.1%-78.8M57.0M-7.1M3.126.943,85712,03794,434448,323
2026-01-21$166.19$158.0016.3%4.7%16.1%12.2%17.0%3.5%0.2%-34.4M-306.3M-6.6M1.797.384,7988,57695,580450,362
2026-01-22$165.57$160.0016.0%4.6%16.2%11.3%18.0%3.6%0.1%-46.8M-238.2M-6.6M0.906.436,5865,91996,750456,556
2026-01-23$164.03$160.0015.5%4.4%16.8%9.9%16.0%3.3%0.2%-71.5M-88.1M-6.6M1.456.455,8838,519102,237457,763
2026-01-26$164.43$160.0015.4%4.4%16.7%9.5%16.1%3.0%0.2%-60.3M-134.3M-6.6M0.697.204,3302,972102,133460,666
2026-01-27$165.09$160.0015.2%4.3%16.6%8.9%15.1%3.2%0.1%-33.1M-269.6M-6.2M0.088.2217,4831,451104,784462,315
2026-01-28$164.16$160.0015.2%4.3%16.8%9.0%14.7%3.2%0.1%-63.3M-200.7M-6.4M0.829.362,5052,044110,265462,944
2026-01-29$165.22$160.0015.5%4.3%16.8%9.9%15.1%3.2%0.1%-26.5M-299.8M-6.5M0.509.165,7032,862111,498464,242
2026-01-30$165.19$160.0015.7%4.4%16.4%10.3%15.5%3.5%0.3%-13.4M-319.6M-6.3M58.239.342,346136,605109,738464,981