XLU Options History — May 2025

In May 2025, XLU traded between $39.66 and $41.39. ATM implied volatility averaged 16.2%, placing in the 18.7% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded below realized volatility by 4.9% (HV 20d: 21.1%). Max pain ranged from $38.50 to $40.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.76.

Notable Days

  • 2025-05-20: Highest Volume — 84,822 contracts
  • 2025-05-08: Largest IV spike — 30.7% change
  • 2025-05-05: Highest IV Rank — 26.1%
  • 2025-05-01: Largest Expected Move — 5.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$40.38$39.66$41.39$39.76$40.89
Max Pain$39.07$38.50$40.00$38.50$39.50
ATM IV16.2%12.9%18.0%17.9%15.7%
Expected Move4.7%4.2%5.2%5.2%4.3%
HV 20d21.1%13.1%34.9%34.9%16.4%
HV 60d23.2%22.7%23.7%22.8%23.6%
IV Rank18.7%4.4%26.1%25.8%16.2%
IV Percentile43.1%0.4%72.2%71.4%27.8%
Term Structure0.2%-0.7%2.9%-0.4%-0.3%
VWIV17.3%15.4%19.4%18.9%16.0%
Skew 25d3.9%2.9%6.8%3.9%3.1%
Skew 10d9.4%2.9%14.3%2.9%11.5%
Call IV 25d14.6%8.8%16.0%16.0%15.1%
Put IV 25d18.5%15.4%21.5%19.9%18.2%
Bid-Ask Spread %24.995.2157.6235.8648.68
Gamma HHI0.060.050.090.060.05
Net GEX1.0M-28.8M23.0M4.5M-1.0M
Net DEX-247.0M-533.3M17.2M-195.2M-257.3M
Net VEX-7.0M-7.5M-6.4M-7.3M-6.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.760.483.840.481.02
Total Volume37,523.90515,04084,82226,77219,196
Total OI1,384,055.5241,301,4341,440,7141,359,9121,440,714

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$39.76$38.5017.9%5.2%34.9%25.8%18.9%3.9%-0.4%4.5M-195.2M-7.3M0.4835.8618,0688,704376,386983,526
2025-05-02$39.91$38.5017.0%5.0%34.9%21.8%18.4%4.0%0.5%12.4M-248.1M-7.2M1.1938.9026,64031,802383,762986,226
2025-05-05$39.77$38.5018.0%5.0%28.5%26.1%17.8%4.1%-0.5%-1.4M-195.9M-7.3M1.1154.699,64410,700378,620975,866
2025-05-06$40.41$38.5016.9%4.9%27.2%21.6%17.2%3.5%0.4%12.7M-405.0M-6.9M0.9931.3914,28614,210382,862978,306
2025-05-07$40.39$38.5012.9%4.9%26.4%4.4%19.4%6.6%0.5%9.8M-370.9M-7.0M1.2857.6226,51634,042385,660986,816
2025-05-08$40.16$38.5016.9%5.0%22.2%21.4%17.2%3.9%-0.2%2.5M-273.4M-7.0M1.0745.2814,90215,878379,270998,074
2025-05-09$40.09$38.5016.9%4.9%21.8%21.5%17.1%3.3%0.1%11.2M-278.7M-7.0M1.2329.419,15411,230384,5661,001,546
2025-05-12$39.80$38.5016.9%4.7%21.3%21.6%16.7%2.9%-0.6%10.2M-193.9M-6.9M1.9815.849,90819,618378,262979,408
2025-05-13$39.97$38.5015.8%4.5%20.4%16.6%15.9%3.0%-0.4%12.4M-246.2M-6.7M1.5910.8416,36025,980377,576988,350
2025-05-14$39.66$39.0016.1%4.8%20.6%18.0%17.6%2.9%0.8%5.8M-117.9M-6.9M3.846.368,88834,140381,290993,778
2025-05-15$40.49$39.0015.3%4.4%21.1%14.6%16.3%3.3%0.3%23.0M-409.1M-6.7M2.7812.7911,57432,138382,1361,010,070
2025-05-16$41.00$39.0014.9%4.2%21.0%12.7%16.2%3.1%-0.4%14.6M-533.3M-6.5M1.2053.3026,59831,922381,4941,028,288
2025-05-19$41.20$39.0015.5%4.4%16.8%15.6%17.5%3.3%0.9%8.4M-377.7M-6.5M2.8013.057,72621,620334,844966,590
2025-05-20$41.39$39.0015.2%4.4%13.1%14.2%17.8%3.2%0.8%8.5M-414.9M-6.4M3.045.2121,01063,812337,432983,486
2025-05-21$40.72$40.0016.2%4.6%14.7%18.4%15.9%4.0%2.9%-10.6M-189.4M-7.1M2.1117.1911,74224,814355,7721,039,866
2025-05-22$40.13$40.0017.8%5.1%15.9%25.2%18.8%4.1%0.6%-28.8M17.2M-7.5M1.8310.7014,27026,106361,9461,055,018
2025-05-23$40.52$40.0016.7%4.7%16.0%20.6%17.0%4.2%0.5%-22.3M-112.2M-7.3M0.8214.118,2506,790364,9901,063,564
2025-05-27$40.88$40.0015.5%4.6%16.2%15.4%17.9%6.8%0.1%-9.5M-224.3M-6.9M3.099.757,87424,310356,3941,058,814
2025-05-28$40.27$40.0017.0%4.7%17.1%21.9%17.5%4.3%-0.3%-26.6M-30.4M-7.2M2.706.7012,90634,898360,5401,070,674
2025-05-29$40.53$39.5016.2%4.6%16.8%18.5%15.4%3.8%-0.7%-13.8M-130.1M-7.1M0.907.1710,4369,340367,5441,064,840
2025-05-30$40.89$39.5015.7%4.3%16.4%16.2%16.0%3.1%-0.3%-1.0M-257.3M-6.9M1.0248.689,5209,676372,4221,068,292