XLP Options History — November 2025

In November 2025, XLP traded between $75.55 and $79.31. ATM implied volatility averaged 15.1%, placing in the 27.0% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 1.7% (HV 20d: 13.4%). Max pain ranged from $77.00 to $79.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 2.85.

Notable Days

  • 2025-11-14: Highest Volume — 125,487 contracts
  • 2025-11-24: Largest IV drop — 9.6% change
  • 2025-11-20: Highest IV Rank — 34.0%
  • 2025-11-20: Largest Expected Move — 4.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$77.10$75.55$79.31$75.77$79.31
Max Pain$78.00$77.00$79.00$79.00$78.00
ATM IV15.1%13.3%16.9%14.7%13.6%
Expected Move4.4%3.6%4.9%4.7%3.6%
HV 20d13.4%12.5%15.4%13.2%13.4%
HV 60d11.9%11.4%12.7%11.5%12.7%
IV Rank27.0%19.7%34.0%25.5%20.9%
IV Percentile81.8%59.5%91.3%81.3%65.1%
Term Structure0.1%-0.5%1.2%-0.4%-0.5%
VWIV15.8%13.3%18.3%18.3%14.2%
Skew 25d3.2%0.7%4.7%2.1%4.6%
Skew 10d8.3%3.4%13.3%6.4%9.5%
Call IV 25d13.9%11.5%15.4%13.0%11.7%
Put IV 25d17.2%14.6%20.0%15.0%16.3%
Bid-Ask Spread %29.185.9564.1264.126.63
Gamma HHI0.300.170.450.440.18
Net GEX-91.6M-132.0M-478.1K-132.0M-35.4M
Net DEX610.5M13.7M989.9M989.9M60.7M
Net VEX-4.4M-5.1M-3.8M-4.2M-3.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.850.1025.661.364.53
Total Volume22,888.6327,095125,48713,57912,799
Total OI521,715.579453,225601,149453,816521,281

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$75.77$79.0014.7%4.7%13.2%25.5%18.3%2.1%-0.4%-132.0M989.9M-4.2M1.3664.125,7607,819107,040346,776
2025-11-04$75.94$79.0015.5%4.6%12.9%28.5%17.1%3.5%-0.4%-128.7M955.0M-4.2M0.1060.3627,8702,813109,509343,716
2025-11-05$76.02$79.0014.8%4.7%12.9%25.9%16.1%0.9%0.1%-120.5M881.2M-4.3M0.4438.5815,0926,638134,931344,007
2025-11-06$75.55$78.0015.2%4.3%12.9%27.3%14.8%2.8%0.4%-122.7M958.2M-4.5M0.9643.225,7395,504148,126349,277
2025-11-07$76.63$78.0015.3%4.4%14.0%28.0%15.8%2.6%-0.2%-104.1M725.2M-4.6M0.4546.2314,8496,642152,088350,365
2025-11-10$76.43$78.0015.4%4.5%13.8%28.2%16.3%3.2%0.5%-106.5M788.3M-4.5M1.2633.223,1383,957158,925352,945
2025-11-11$77.47$78.0014.8%4.2%13.8%25.8%14.7%3.1%-0.2%-85.4M520.9M-4.4M0.9936.904,3204,279160,729354,650
2025-11-12$77.41$78.0015.0%4.5%13.6%26.5%15.3%0.7%0.2%-87.5M489.8M-4.3M0.9151.729,3768,503161,692356,946
2025-11-13$77.37$78.0015.9%4.7%13.5%30.0%15.3%4.0%0.7%-80.8M477.1M-4.3M0.7946.115,5304,396167,945356,012
2025-11-14$77.28$78.0014.8%4.4%12.5%25.9%17.0%3.4%0.5%-91.7M540.8M-4.3M25.6634.804,707120,780168,663357,070
2025-11-17$76.75$78.0015.7%4.5%12.6%29.4%16.3%3.4%1.2%-128.0M823.4M-5.1M1.4633.833,4425,034168,114433,035
2025-11-18$77.13$78.0016.3%4.7%12.8%31.7%16.5%3.9%0.7%-95.5M631.5M-4.7M0.6812.376,1074,143169,465384,655
2025-11-19$76.53$78.0016.0%4.6%12.7%30.3%17.7%4.7%0.4%-110.4M845.8M-4.6M2.559.852,3916,089172,807386,562
2025-11-20$77.29$78.0016.9%4.9%13.4%34.0%17.9%3.8%-0.5%-101.8M603.7M-4.6M6.346.655,47134,707174,165386,170
2025-11-21$78.05$78.0015.8%4.5%13.9%30.0%16.5%3.9%1.0%-478.1K430.2M-4.6M1.788.7214,06224,987178,389403,224
2025-11-24$76.98$77.0014.3%3.8%14.7%23.9%14.2%3.8%-0.3%-104.7M555.7M-4.3M1.217.837,7099,358146,546368,390
2025-11-25$78.03$77.0013.9%3.8%15.4%22.2%13.6%3.7%-0.2%-73.9M308.3M-4.1M1.397.404,7076,533147,716368,837
2025-11-26$79.03$77.0013.3%3.6%13.4%19.7%13.3%3.1%-0.4%-31.1M13.7M-3.8M1.235.958,79310,840150,189371,639
2025-11-28$79.31$78.0013.6%3.6%13.4%20.9%14.2%4.6%-0.5%-35.4M60.7M-3.9M4.536.632,31310,486146,644374,637