XLU Options History — November 2025

In November 2025, XLU traded between $44.14 and $45.23. ATM implied volatility averaged 17.2%, placing in the 22.6% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 6.8% (HV 20d: 10.4%). Max pain ranged from $38.00 to $45.00. Net GEX was positive for 3 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 2.32.

Notable Days

  • 2025-11-06: Highest Volume — 174,446 contracts
  • 2025-11-06: Largest IV drop — 8.4% change
  • 2025-11-21: Highest IV Rank — 32.0%
  • 2025-11-03: Largest Expected Move — 6.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.59$44.14$45.23$44.66$45.23
Max Pain$41.18$38.00$45.00$45.00$42.00
ATM IV17.2%14.4%19.4%19.2%16.8%
Expected Move5.0%4.5%6.0%6.0%4.5%
HV 20d10.4%7.9%12.0%11.8%9.6%
HV 60d12.0%11.8%12.2%12.0%12.1%
IV Rank22.6%10.8%32.0%31.4%21.1%
IV Percentile63.3%3.2%90.9%88.5%63.5%
Term Structure0.0%-2.7%2.1%-2.7%-0.3%
VWIV17.9%16.2%20.0%19.2%17.6%
Skew 25d1.0%-7.6%5.5%-2.2%0.1%
Skew 10d2.5%-7.8%9.1%2.9%4.2%
Call IV 25d16.9%13.5%21.1%17.1%17.2%
Put IV 25d17.8%13.0%22.1%14.9%17.3%
Bid-Ask Spread %65.4048.3180.9660.9174.41
Gamma HHI0.080.070.090.080.08
Net GEX-10.3M-35.3M22.9M-8.4M22.9M
Net DEX-364.7M-641.1M-210.3M-332.2M-641.1M
Net VEX-6.0M-6.8M-5.5M-5.6M-5.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.320.1019.620.350.89
Total Volume47,731.78913,742174,44619,29413,742
Total OI1,585,570.3161,363,1781,768,0641,363,1781,672,546

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$44.66$45.0019.2%6.0%11.8%31.4%19.2%-2.2%-2.7%-8.4M-332.2M-5.6M0.3560.9114,2605,034364,176999,002
2025-11-04$44.41$45.0018.3%5.5%11.8%27.5%19.1%-7.6%-0.9%-10.2M-290.6M-5.9M0.7066.258,0845,676369,1701,001,072
2025-11-05$44.49$45.0018.4%5.4%11.5%27.9%18.4%5.5%-0.4%-9.5M-327.1M-5.7M1.2766.208,05210,256366,4541,000,824
2025-11-06$44.34$38.0016.8%5.0%11.5%21.2%18.3%1.8%0.6%-13.0M-294.0M-5.8M19.6254.298,460165,986371,1141,007,606
2025-11-07$44.73$38.5015.8%4.9%12.0%16.7%17.5%2.8%0.2%-7.3M-324.0M-6.0M1.1460.6613,97015,878374,5881,163,638
2025-11-10$44.86$38.5014.7%4.6%11.9%12.0%16.5%1.7%1.2%-13.3M-403.4M-5.7M1.1948.319,78411,678363,0321,153,566
2025-11-11$44.84$39.0014.4%4.5%11.6%10.8%16.5%1.8%1.5%-13.1M-404.7M-5.5M2.5356.767,52419,034365,8761,156,502
2025-11-12$44.95$39.0015.2%4.6%10.0%14.2%16.3%2.6%0.7%-9.4M-424.1M-5.5M0.2249.1118,6544,056368,9101,168,944
2025-11-13$44.41$39.0015.8%4.8%10.4%16.9%18.1%1.2%1.2%-19.0M-327.3M-5.6M6.9751.1013,02490,738379,8221,173,424
2025-11-14$44.50$40.5016.4%4.7%10.4%19.3%16.2%2.2%0.2%-35.3M-278.1M-6.1M0.7659.0310,7408,118383,4701,250,546
2025-11-17$44.63$41.0016.8%4.8%10.5%21.1%16.7%2.0%1.0%-27.0M-295.3M-6.1M0.2075.83142,96828,036378,3681,248,432
2025-11-18$44.64$41.0017.6%5.1%9.4%24.5%18.7%2.5%0.2%-5.9M-428.5M-6.6M0.6471.289,8926,336501,7741,260,850
2025-11-19$44.34$41.0017.7%5.1%9.6%24.9%18.8%2.9%0.1%-11.0M-319.8M-6.6M1.9580.966,02811,742505,9561,253,200
2025-11-20$44.17$41.5019.1%5.5%9.6%31.1%20.0%2.9%-0.0%-20.3M-257.0M-6.8M1.3571.627,1609,702506,9021,261,162
2025-11-21$44.14$42.0019.4%5.5%8.6%32.0%19.4%2.5%2.1%-29.8M-210.3M-6.4M0.1072.93132,87613,290499,7601,265,014
2025-11-24$44.55$42.0018.4%5.1%9.4%27.8%17.8%-2.1%-2.5%1.6M-402.5M-6.2M1.1879.3112,94415,328443,5701,209,890
2025-11-25$44.39$42.5018.1%5.0%7.9%26.7%18.4%-4.2%-1.5%-1.4M-387.9M-6.1M2.1971.659,36420,490449,8381,218,252
2025-11-26$45.02$42.0017.2%4.8%9.5%22.7%17.5%2.1%-0.6%13.3M-580.7M-5.8M0.7772.0510,1627,838451,3641,217,222
2025-11-28$45.23$42.0016.8%4.5%9.6%21.1%17.6%0.1%-0.3%22.9M-641.1M-5.8M0.8974.417,2886,454456,4081,216,138