XLP Options History — December 2025

In December 2025, XLP traded between $77.47 and $79.66. ATM implied volatility averaged 12.0%, placing in the 14.0% IV rank vs the trailing year. The 30-day expected move averaged 3.5%. IV traded above realized volatility by 0.3% (HV 20d: 11.6%). Max pain ranged from $78.00 to $80.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 5.17.

Notable Days

  • 2025-12-15: Highest Volume — 173,108 contracts
  • 2025-12-08: Largest IV spike — 11.6% change
  • 2025-12-08: Highest IV Rank — 21.7%
  • 2025-12-04: Largest Expected Move — 3.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$78.60$77.47$79.66$79.35$77.81
Max Pain$79.23$78.00$80.00$78.00$79.00
ATM IV12.0%10.8%13.8%12.7%11.4%
Expected Move3.5%3.0%3.9%3.7%3.0%
HV 20d11.6%9.3%13.4%13.3%9.3%
HV 60d12.2%11.6%12.7%12.7%12.0%
IV Rank14.0%6.5%21.7%17.5%6.5%
IV Percentile23.3%1.6%68.3%46.0%7.5%
Term Structure0.3%-0.6%1.4%0.6%0.3%
VWIV13.0%11.2%14.6%12.9%11.2%
Skew 25d2.7%1.2%4.3%3.7%3.2%
Skew 10d5.5%-0.3%16.0%7.0%8.1%
Call IV 25d11.2%9.8%12.8%11.1%9.8%
Put IV 25d13.9%12.3%16.1%14.9%13.0%
Bid-Ask Spread %70.7063.4484.3268.7878.20
Gamma HHI0.190.100.290.150.20
Net GEX-63.4M-108.8M-2.3M-32.6M-100.8M
Net DEX275.6M-90.1M605.8M3.4M507.3M
Net VEX-4.0M-4.8M-2.9M-3.5M-4.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.170.2542.291.163.06
Total Volume28,776.6364,886173,10813,6594,886
Total OI565,919.5437,578740,189517,511530,476

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$79.35$78.0012.7%3.7%13.3%17.5%12.9%3.7%0.6%-32.6M3.4M-3.5M1.1668.786,3257,334142,723374,788
2025-12-02$78.87$78.0012.3%3.7%13.0%15.8%13.8%4.3%1.1%-56.3M170.9M-3.8M1.5063.444,9777,480144,543392,735
2025-12-03$78.88$78.0012.6%3.7%13.0%17.0%13.2%3.6%0.6%-50.7M136.8M-3.8M0.3575.406,0422,105147,603398,709
2025-12-04$78.32$80.0012.4%3.9%13.4%16.3%14.2%3.2%-0.5%-73.3M284.8M-3.8M2.2165.483,6938,164145,915399,974
2025-12-05$78.53$80.0012.3%3.7%13.1%16.0%14.4%2.5%1.1%-57.8M175.8M-3.7M1.4268.264,5956,525146,462404,123
2025-12-08$77.94$80.0013.8%3.8%12.6%21.7%13.7%3.3%-0.6%-91.2M453.0M-3.9M0.7369.649,7027,129145,884403,976
2025-12-09$78.02$80.0013.2%3.8%12.6%19.4%14.0%3.3%0.3%-90.6M440.5M-3.8M5.1164.866,30232,198144,531407,772
2025-12-10$78.21$80.0012.6%3.8%11.7%17.0%13.0%2.8%0.8%-84.6M347.2M-3.6M0.3674.627,8622,821148,237438,506
2025-12-11$78.77$80.0012.4%3.5%11.9%16.2%12.9%2.6%-0.3%-45.9M115.6M-3.4M0.8470.9810,6918,970148,087440,836
2025-12-12$79.37$80.0011.6%3.5%12.1%13.2%13.1%2.0%1.3%-5.2M-57.7M-3.1M3.0071.058,18024,551146,340445,287
2025-12-15$79.65$79.0011.6%3.3%12.1%13.0%12.5%3.0%0.5%-2.3M-90.1M-2.9M42.2972.143,999169,109146,236439,530
2025-12-16$79.40$79.0012.3%3.6%11.9%16.1%13.2%2.9%-0.5%-39.8M154.4M-4.4M0.2565.5013,5343,383146,947593,242
2025-12-17$79.66$79.0011.8%3.4%11.8%13.7%13.0%2.3%-0.0%-20.0M68.5M-3.8M3.2869.3017,09456,045137,413533,435
2025-12-18$79.38$79.0011.8%3.4%11.4%13.8%14.6%1.8%0.0%-45.4M199.8M-4.1M1.8674.351,8903,523129,148538,159
2025-12-19$79.00$79.0011.2%3.2%11.3%11.5%13.0%1.2%-0.2%-34.6M282.3M-4.1M0.8264.1023,70219,375129,148538,465
2025-12-22$77.80$80.0011.4%3.1%12.2%12.4%12.1%2.6%0.4%-76.7M491.8M-4.2M31.2266.592,60981,45171,717365,861
2025-12-23$77.47$79.0010.9%3.1%11.2%10.5%11.8%2.2%0.3%-108.8M605.8M-4.8M3.0666.452,6388,06472,761437,236
2025-12-24$78.12$79.0010.8%3.2%10.5%9.9%13.1%2.4%0.4%-97.4M478.7M-4.7M3.0979.821,8055,58173,273436,566
2025-12-26$78.19$79.0011.7%3.3%9.4%13.5%11.5%2.3%0.3%-95.1M448.1M-4.5M5.5384.323,02616,73174,229439,439
2025-12-29$78.28$79.0010.8%3.1%9.3%9.9%13.7%2.7%1.4%-92.5M411.3M-4.4M0.5371.819,1924,87373,327447,279
2025-12-30$78.25$79.0011.6%3.4%9.3%7.1%11.2%2.5%0.1%-93.6M434.0M-4.5M2.1470.281,5713,35981,846447,465
2025-12-31$77.81$79.0011.4%3.0%9.3%6.5%11.2%3.2%0.3%-100.8M507.3M-4.6M3.0678.201,2033,68382,477447,999