State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP) Volatility Skew

Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.

Snapshot as of Apr 21, 2026.

Spot Price

$165.20

ATM IV

35.6%

IV Skew 25Δ

0.02

As of Apr 21, 2026, State Street SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at-the-money implied volatility is 35.6%. The 25-delta skew is +0.017 — skew is roughly flat across the 25-delta wings. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.