Is CODI options pricing rich or cheap right now?

As of Aug 14, 2026, Compass Diversified (CODI) ATM IV is 47.3% against 20-day realized volatility of 51.2%. IV rank is 22.6%. Realized volatility currently exceeds implied: an inversion of the typical equity volatility risk premium that often precedes IV expansion.

What is the CODI 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. CODI 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 CODI 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. CODI's current rank of 22.6% 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.

Compass Diversified (CODI) 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.

Compass Diversified (CODI) operates in the Industrials sector, specifically the Conglomerates industry, with a market capitalization near $956.2M, listed on NYSE, employing roughly 4,083 people, carrying a beta of 1.25 to the broader market. Compass Diversified functions as a private equity firm, specializing in late-stage and middle-market investments. Led by Elias Joseph Sabo, public since 2006-05-18.

Snapshot as of Aug 14, 2026.

Spot Price: $12.72
ATM IV: 47.3%
HV 20-Day: 51.2%
HV 60-Day: 43.1%
IV Rank: 22.6%
IV Percentile: 4.0%

As of Aug 14, 2026, Compass Diversified (CODI) ATM implied volatility is 47.3%. 20-day realized volatility is 51.2%, producing an IV-HV spread of -3.9 vol points. Realized volatility currently exceeds implied, an inversion that can signal a pending IV expansion. IV rank is 22.6%.

How CODI iv/hv history Data Feeds Strategy Selection

Strategy selection on Compass Diversified 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 47.3% 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.

How to read the CODI IV vs HV chart

The dual-line chart above tracks ATM implied volatility (forward-looking, what the chain is pricing) against 20-day realized historical volatility (backward-looking, what actually happened). ATM IV currently prints at 47.3%, 22.6% IV rank, against 51.2% realized over the trailing 20 trading days. Implied is currently below realized by 3.9 vol points, an inverted regime where premium buyers are underpaying for the move - rare and often a setup for IV expansion. Persistent IV-above-HV is the variance-risk-premium-positive state typical of equity markets; persistent IV-below-HV is rare and usually marks underpriced vol that often expands.

CODI IV/HV regimes and trade selection

CODI sits in the bottom quartile of its 1-year IV range. Low-IV-rank regimes favor premium-buying or long-vol structures - long calls/puts, debit spreads, calendar spreads, long straddles. The risk: low rank can persist for months while theta decay eats premium-buyers alive without a vol-expansion catalyst.

Using CODI vol history alongside the term structure

The IV/HV gap on this page captures the level of premium; the term-structure slope on the volatility page captures its shape across expirations. Contango (positive slope 0.105) is the resting state - longer-dated IV trades above near-dated IV because long-dated cycles include uncertain macro states. Pair the rank read with the slope read with the event calendar to choose the right tenor for the structure.

CODI IV/HV signal in volatility-cycle context

Equity-vol cycles tend to compress and expand on multi-month timeframes: a typical sequence runs low-IV-rank consolidation (months of flat tape, decaying premium) into a vol-expansion catalyst (earnings miss, macro shock, regime change) into elevated-IV-rank stress (premiums fat, dispersion high) back to mean-reverting compression. CODI's current 22.6% IV rank places the ticker in the compression phase of that cycle. Compression phases are profitable for theta-harvesting structures but tend to end with abrupt vol-expansion regimes that hit short-vol books fast. The ratio of HV-20 (51.2%) to HV-60 (43.1%) gives a second cycle indicator: when 20-day exceeds 60-day, recent realization is running hotter than the trailing-quarter average - typically a sign that recent days have already started expanding vol regardless of where IV rank prints. Use the time series above to spot inflection points: meaningful IV/HV gap closures and openings tend to precede regime shifts by a few sessions.

Learn how implied vs realized volatility is reported and how to read the data →

Daily ATM implied volatility and 20-day realized (historical) volatility for CODI over the last ~28 trading days. The IV-HV gap measures the variance risk premium - when IV trades persistently above realized HV, premium-sellers earn the spread; when IV dips below HV, vol is structurally underpriced.

Daily values from end-of-day option_ticker_snapshots. Series sparse on illiquid tickers reflects gaps in the upstream end-of-day options data feed.

Most recent 15 trading days (descending). Older history appears in the chart above.

Date	ATM IV	HV 20d	HV 60d	IV Rank
Aug 14, 2026	47.3%	51.2%	43.1%	22.6%
Aug 13, 2026	50.4%	51.7%	42.7%	24.1%
Aug 12, 2026	51.7%	52.0%	42.9%	24.8%
Aug 11, 2026	38.9%	52.4%	43.3%	18.5%
Aug 10, 2026	78.2%	40.6%	38.4%	37.7%
Aug 7, 2026	75.6%	40.5%	38.9%	36.4%
Aug 6, 2026	84.3%	39.9%	41.8%	40.7%
Aug 5, 2026	65.5%	42.3%	41.8%	31.5%
Aug 4, 2026	69.5%	41.4%	41.9%	33.5%
Aug 3, 2026	76.3%	38.6%	40.4%	36.8%
Jul 31, 2026	61.8%	36.3%	40.9%	29.7%
Jul 30, 2026	69.8%	36.7%	40.9%	33.6%
Jul 28, 2026	80.0%	36.5%	41.0%	38.6%
Jul 27, 2026	66.7%	34.8%	40.6%	32.1%
Jul 24, 2026	63.2%	35.5%	46.4%	30.4%

Frequently asked CODI iv/hv history questions

Is CODI options pricing rich or cheap right now?: As of Aug 14, 2026, Compass Diversified (CODI) ATM IV is 47.3% against 20-day realized volatility of 51.2%. IV rank is 22.6%. Realized volatility currently exceeds implied: an inversion of the typical equity volatility risk premium that often precedes IV expansion.
What is the CODI 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. CODI 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 CODI 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. CODI's current rank of 22.6% 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.