State Street SPDR S&P Software & Services ETF (XSW) 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 Software & Services ETF (XSW) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $345.6M, listed on AMEX, carrying a beta of 1.19 to the broader market. The State Street SPDR S&P Software & Services ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Software & Services Select Industry Index (the "Index")Seeks to provide exposure to the software and services segment of the S&P TMI, which comprises the following sub-industries: Application Software, Interactive Home Entertainment, IT Consulting & Other Services, and Systems Software. public since 2011-09-29.
Snapshot as of May 15, 2026.
- Spot Price
- $157.07
- ATM IV
- 35.0%
- HV 20-Day
- 33.1%
- HV 60-Day
- 34.3%
- IV Rank
- 58.7%
- IV Percentile
- 87.7%
As of May 15, 2026, State Street SPDR S&P Software & Services ETF (XSW) ATM implied volatility is 35.0%. 20-day realized volatility is 33.1%, producing an IV-HV spread of +1.9 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 58.7%.
How XSW iv/hv history Data Feeds Strategy Selection
Strategy selection on State Street SPDR S&P Software & Services 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 35.0% 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 XSW iv/hv history questions
- Is XSW options pricing rich or cheap right now?
- As of May 15, 2026, State Street SPDR S&P Software & Services ETF (XSW) ATM IV is 35.0% against 20-day realized volatility of 33.1%. IV rank is 58.7%. XSW options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 1.9 vol points.
- What is the XSW 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. XSW 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 XSW 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. XSW's current rank of 58.7% 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.