XLP Options History — May 2025

In May 2025, XLP traded between $79.63 and $83.02. ATM implied volatility averaged 14.2%, placing in the 23.3% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded below realized volatility by 2.2% (HV 20d: 16.3%). Max pain ranged from $81.00 to $81.00. Net GEX was positive for 5 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 3.05.

Notable Days

  • 2025-05-06: Highest Volume — 45,613 contracts
  • 2025-05-22: Largest IV spike — 10.8% change
  • 2025-05-01: Highest IV Rank — 32.7%
  • 2025-05-01: Largest Expected Move — 4.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$81.56$79.63$83.02$81.38$83.02
Max Pain$81.00$81.00$81.00$81.00$81.00
ATM IV14.2%12.5%16.6%16.6%13.8%
Expected Move4.0%3.5%4.8%4.8%3.7%
HV 20d16.3%10.6%28.9%28.9%11.2%
HV 60d19.9%19.7%20.2%20.0%19.9%
IV Rank23.3%16.9%32.7%32.7%21.9%
IV Percentile76.0%58.3%90.9%90.9%75.8%
Term Structure-0.1%-3.3%1.8%-0.7%1.8%
VWIV14.9%12.9%17.4%16.6%13.7%
Skew 25d2.6%-3.1%4.2%3.8%-2.0%
Skew 10d7.6%0.6%11.8%11.0%7.5%
Call IV 25d12.9%11.3%18.0%14.9%11.8%
Put IV 25d15.6%9.9%18.7%18.7%9.9%
Bid-Ask Spread %52.4535.7167.1935.7155.73
Gamma HHI0.140.100.450.120.12
Net GEX-38.2M-256.6M71.3M-58.4M26.8M
Net DEX2.1M-331.3M441.5M110.6M-331.3M
Net VEX-3.6M-3.9M-3.2M-3.9M-3.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.050.757.854.372.88
Total Volume19,358.8574,20745,61324,58620,425
Total OI462,240.476421,355507,004465,455449,396

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$81.38$81.0016.6%4.8%28.9%32.7%16.6%3.8%-0.7%-58.4M110.6M-3.9M4.3735.714,57620,010132,413333,042
2025-05-02$81.66$81.0015.2%4.4%28.8%27.2%17.4%3.8%0.6%-44.8M20.2M-3.7M2.4640.214,21210,343135,768346,158
2025-05-05$81.53$81.0015.4%4.3%25.7%28.2%15.8%3.5%-0.0%-50.2M53.8M-3.7M1.2440.624,1035,106134,861318,857
2025-05-06$81.41$81.0016.0%4.7%24.3%30.5%17.0%4.2%-0.1%-53.9M66.4M-3.6M6.5541.666,03839,575136,439320,619
2025-05-07$81.63$81.0015.6%4.4%22.4%28.9%15.2%3.5%0.7%-52.9M52.7M-3.8M0.7547.697,7405,801140,482331,838
2025-05-08$81.53$81.0015.1%4.2%17.9%26.9%15.3%3.9%-0.4%-61.2M32.2M-3.7M1.6049.335,8919,446145,288336,298
2025-05-09$80.98$81.0015.1%4.3%18.1%27.0%16.7%3.6%0.3%-256.6M197.0M-3.9M6.4846.714,79531,052149,676343,145
2025-05-12$80.72$81.0014.1%3.9%17.1%23.0%15.1%3.5%-0.6%-56.9M173.4M-3.7M1.8450.028,69316,027149,670322,205
2025-05-13$80.19$81.0013.7%3.8%15.9%21.5%14.5%3.1%-0.5%-82.4M302.1M-3.6M1.9253.079,76818,760153,967324,038
2025-05-14$79.63$81.0013.7%3.8%15.7%21.6%14.6%3.3%-0.5%-94.6M441.5M-3.6M7.8561.053,45027,067159,599325,653
2025-05-15$81.03$81.0013.1%3.7%16.1%19.1%13.6%2.9%-0.4%-44.0M81.9M-3.6M1.2863.8415,43119,732160,934328,353
2025-05-16$81.98$81.0012.7%3.6%13.5%17.5%13.1%2.5%-0.0%71.3M-208.7M-3.6M1.2563.528,23110,319172,521334,483
2025-05-19$82.25$81.0012.7%3.6%12.4%17.3%13.5%2.6%1.0%11.3M-215.5M-3.6M3.7958.602,5389,617155,473265,882
2025-05-20$82.53$81.0012.5%3.6%10.7%16.9%15.3%3.0%0.6%11.5M-241.8M-3.5M3.0060.162,0686,196155,142273,565
2025-05-21$81.77$81.0013.6%3.9%10.8%21.1%16.0%3.8%0.4%-4.4M-62.0M-3.7M7.8267.192,43819,060157,733279,431
2025-05-22$81.47$81.0015.1%4.5%10.6%26.9%13.7%3.2%-3.3%-38.2M36.6M-3.6M0.9653.784,1363,982158,651294,500
2025-05-23$81.72$81.0013.5%3.9%10.6%20.8%13.7%3.8%0.3%-29.3M-30.9M-3.6M0.9254.452,1902,017159,866292,696
2025-05-27$82.34$81.0012.8%3.5%10.8%18.0%15.3%-3.1%0.0%6.4M-174.2M-3.3M1.6953.807,50812,692155,402284,601
2025-05-28$81.88$81.0013.8%3.6%10.9%21.9%12.9%2.7%-1.3%-1.9M-117.7M-3.4M3.5866.341,9787,073159,564282,697
2025-05-29$82.10$81.0013.4%3.7%10.7%20.4%13.4%-0.1%0.0%-110.3K-141.9M-3.4M1.7938.062,3124,140160,495285,649
2025-05-30$83.02$81.0013.8%3.7%11.2%21.9%13.7%-2.0%1.8%26.8M-331.3M-3.2M2.8855.735,25915,166161,538287,858