State Street SPDR S&P Metals & Mining ETF (XME) 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 SPDR S&P Metals & Mining ETF (XME) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $5.62B, listed on AMEX, carrying a beta of 1.45 to the broader market. The State Street SPDR S&P Metals & Mining ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Metals and Mining Select Industry Index (the "Index")Seeks to provide exposure to the metals & mining segment of the S&P TMI, which comprises the following sub-industries: Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver, and SteelSeeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocksAllows investors to take strategic or tactical positions at a more targeted level than traditional sector based investing public since 2006-06-22.
Snapshot as of May 15, 2026.
- Spot Price
- $115.69
- ATM IV
- 37.6%
- HV 20-Day
- 40.7%
- HV 60-Day
- 35.4%
- IV Rank
- 40.6%
- IV Percentile
- 58.7%
As of May 15, 2026, State Street SPDR S&P Metals & Mining ETF (XME) ATM implied volatility is 37.6%. 20-day realized volatility is 40.7%, producing an IV-HV spread of -3.1 vol points. Realized volatility currently exceeds implied, an inversion that can signal a pending IV expansion. IV rank is 40.6%.
How XME iv/hv history Data Feeds Strategy Selection
Strategy selection on State Street SPDR S&P Metals & Mining 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 37.6% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. 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 XME iv/hv history questions
- Is XME options pricing rich or cheap right now?
- As of May 15, 2026, State Street SPDR S&P Metals & Mining ETF (XME) ATM IV is 37.6% against 20-day realized volatility of 40.7%. IV rank is 40.6%. Realized volatility currently exceeds implied: an inversion of the typical equity volatility risk premium that often precedes IV expansion.
- What is the XME 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. XME is currently pricing inverted to the historical pattern, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does XME 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. XME's current rank of 40.6% 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.