XLU Options History — January 2026

In January 2026, XLU traded between $41.78 and $43.58. ATM implied volatility averaged 16.1%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.6% (HV 20d: 14.5%). Max pain ranged from $42.50 to $44.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 1.06.

Notable Days

  • 2026-01-05: Highest Volume — 206,487 contracts
  • 2026-01-07: Largest IV spike — 11.7% change
  • 2026-01-30: Highest IV Rank — 22.0%
  • 2026-01-30: Largest Expected Move — 4.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.87$41.78$43.58$43.17$43.22
Max Pain$43.45$42.50$44.00$42.50$43.50
ATM IV16.1%14.3%17.8%14.3%17.8%
Expected Move4.5%3.9%4.8%3.9%4.8%
HV 20d14.5%10.3%16.0%10.3%15.9%
HV 60d12.4%11.2%12.9%11.2%12.7%
IV Rank14.2%6.2%22.0%6.2%22.0%
IV Percentile49.8%2.8%81.0%2.8%81.0%
Term Structure-0.3%-1.6%0.5%-0.0%-0.1%
VWIV16.2%14.0%18.6%14.0%17.3%
Skew 25d2.7%1.7%4.1%1.7%3.6%
Skew 10d4.0%-5.8%26.3%2.9%-5.8%
Call IV 25d15.4%14.0%16.7%14.0%16.4%
Put IV 25d18.1%15.7%20.0%15.7%19.9%
Bid-Ask Spread %55.0435.4495.6661.1048.94
Gamma HHI0.090.060.140.060.09
Net GEX-1.3M-24.9M27.6M-13.4M9.1M
Net DEX34.1M-297.8M331.2M50.5M-34.5M
Net VEX-6.8M-7.4M-5.9M-5.9M-7.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.060.082.720.531.19
Total Volume36,443.257,063206,48718,55712,598
Total OI1,573,748.71,262,0591,887,5461,608,9001,337,719

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$43.17$42.5014.3%3.9%10.3%6.2%14.0%1.7%-0.0%-13.4M50.5M-5.9M0.5361.1012,1346,423398,9531,209,947
2026-01-05$42.64$43.0015.5%4.2%11.0%11.7%15.2%3.2%-0.7%-24.9M207.5M-5.9M0.0845.13191,09215,395401,3171,190,141
2026-01-06$42.91$43.0014.3%4.2%11.2%6.4%14.6%2.6%0.3%1.1M16.0M-6.6M1.9360.096,88613,310583,6811,201,092
2026-01-07$41.78$43.0016.0%4.6%13.7%13.9%18.6%2.5%-0.2%-19.9M331.2M-6.9M2.7253.1615,00440,806585,2661,210,613
2026-01-08$41.95$43.0016.6%4.5%13.8%16.5%17.1%2.5%-1.0%-21.7M251.1M-6.4M0.7735.4415,65712,080595,5001,233,639
2026-01-09$42.55$43.0015.9%4.2%14.8%13.4%15.6%4.1%-0.5%-5.5M63.2M-6.8M0.5236.9216,4388,495599,3911,240,055
2026-01-12$42.45$43.0017.3%4.8%14.7%19.5%16.1%3.7%-0.9%-12.3M122.2M-6.8M0.8259.6111,0158,998591,2621,238,125
2026-01-13$42.76$43.0016.4%4.5%14.9%15.5%15.9%2.5%-0.9%-8.1M35.0M-6.6M0.2940.9424,6217,189590,1671,241,132
2026-01-14$43.13$43.0016.8%4.6%14.9%17.3%16.7%2.9%-0.4%11.6M-139.0M-6.6M0.7975.3712,4829,912607,7521,246,291
2026-01-15$43.58$43.0016.0%4.3%15.4%13.9%15.4%2.3%-1.6%27.6M-297.8M-7.0M1.0249.6035,62136,247610,1371,251,600
2026-01-16$43.36$44.0015.4%4.5%15.2%11.0%15.8%2.9%0.5%16.9M-171.4M-6.9M1.8256.8514,73026,874610,0651,277,481
2026-01-20$42.89$44.0016.2%4.6%15.4%14.5%17.6%2.6%0.2%-1.5M48.1M-6.7M2.4657.537,19717,693379,356882,703
2026-01-21$42.98$44.0015.9%4.6%15.1%13.6%17.0%2.2%-0.1%-3.7M60.2M-7.2M2.1678.189,06819,542383,549898,024
2026-01-22$42.84$44.0015.6%4.5%14.9%12.2%16.2%1.7%-0.9%-7.9M99.0M-7.2M1.5046.647,00810,532388,323898,585
2026-01-23$42.47$44.0015.8%4.6%15.2%13.0%15.7%2.9%-0.4%-14.9M218.8M-7.0M0.4939.3224,80612,144391,957903,664
2026-01-26$42.91$44.0016.4%4.7%15.6%15.5%16.6%3.0%-0.0%3.2M32.8M-7.1M0.5142.275,2972,704404,828903,865
2026-01-27$43.38$44.0016.3%4.5%16.0%15.2%16.2%2.5%0.0%12.5M-72.5M-7.1M0.6155.0927,26016,632406,960904,431
2026-01-28$43.23$44.0016.9%4.7%16.0%17.9%15.8%2.1%-0.0%12.9M-54.9M-7.4M0.2495.665,7051,358423,838916,369
2026-01-29$43.28$44.0016.4%4.6%16.0%15.6%16.4%2.3%-0.1%12.5M-83.8M-6.9M0.6762.984,7313,181420,453916,743
2026-01-30$43.22$43.5017.8%4.8%15.9%22.0%17.3%3.6%-0.1%9.1M-34.5M-7.0M1.1948.945,7626,836420,936916,783