State Street Consumer Discretionary Select Sector SPDR ETF (XLY) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
State Street Consumer Discretionary Select Sector SPDR ETF (XLY) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $22.70B, listed on AMEX, carrying a beta of 1.18 to the broader market. The State Street Consumer Discretionary Select Sector SPDR ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Consumer Discretionary Select Sector Index (the "Index")The Index seeks to provide an effective representation of the consumer discretionary sector of the S&P 500 IndexSeeks to provide precise exposure to companies in specialty retail; broadline retail; hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; automobile components; distributors; leisure products; and diversified consumer services. public since 1998-12-22.
Snapshot as of May 15, 2026.
- Spot Price
- $116.56
- ATM IV
- 20.5%
- HV 20-Day
- 14.1%
- HV 60-Day
- 22.6%
- IV Rank
- 28.9%
- IV Percentile
- 42.9%
As of May 15, 2026, State Street Consumer Discretionary Select Sector SPDR ETF (XLY) ATM implied volatility is 20.5%. 20-day realized volatility is 14.1%, producing an IV-HV spread of +6.4 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 28.9%.
How XLY iv/hv history Data Feeds Strategy Selection
Strategy selection on State Street Consumer Discretionary Select Sector SPDR ETF options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 20.5% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
Frequently asked XLY iv/hv history questions
- Is XLY options pricing rich or cheap right now?
- As of May 15, 2026, State Street Consumer Discretionary Select Sector SPDR ETF (XLY) ATM IV is 20.5% against 20-day realized volatility of 14.1%. IV rank is 28.9%. XLY options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 6.4 vol points.
- What is the XLY variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. XLY is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does XLY IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. XLY's current rank of 28.9% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.