Hims & Hers Health, Inc. (HIMS) 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.

Hims & Hers Health, Inc. (HIMS) operates in the Healthcare sector, specifically the Medical - Equipment & Services industry, with a market capitalization near $8.29B, listed on NYSE, employing roughly 2,442 people, carrying a beta of 2.34 to the broader market. Hims & Hers Health, Inc. Led by Andrew Dudum, public since 2019-09-13.

Snapshot as of Jul 15, 2026.

Spot Price

$37.18

ATM IV

118.0%

IV Skew 25Δ

-0.048

IV Rank

85.4%

IV Percentile

96.8%

Term Structure Slope

-0.095

As of Jul 15, 2026, Hims & Hers Health, Inc. (HIMS) at-the-money implied volatility is 118.0%. IV rank is 85.4% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 96.8%. The 25-delta skew is -0.048: puts carry meaningful premium over calls, a classic equity downside-protection skew. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.

HIMS Strategy Selection at Current Volatility Levels

For Hims & Hers Health, Inc. options at 118.0% ATM IV, high IV rank (85.4%) favors premium-selling structures: credit spreads, iron condors, covered calls, cash-secured puts. The risk: a continued vol expansion through high-rank levels is rare but expensive when it happens. The 25-delta skew is meaningfully put-skewed, so put-credit spreads capture more premium for the same width than call-credit spreads. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.

How to read the HIMS volatility surface

ATM IV currently prints at 118.0%, 85.4% IV rank, against 70.6% realized over the trailing 20 trading days. Implied is pricing above realized by 47.4 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. The 25-delta skew is meaningfully put-skewed at -0.048, meaning out-of-the-money puts are bid up relative to equivalent-delta calls - the classic equity-tail-risk pricing pattern. The term-structure slope of -0.095 is inverted (backwardation) - near-dated IV trades above longer-dated, signaling acute near-term event risk.

HIMS IV rank and the variance risk premium

HIMS sits in the top quartile of its 1-year IV range (rank 85.4%). High-IV-rank regimes are statistically the best premium-selling environments - covered calls, cash-secured puts, credit spreads, and iron condors all collect more premium for the same notional risk. The risk: a continued vol expansion through high-rank levels is rare but very expensive when it happens; size positions to the implied move, not the historical range. Compared with 60-day realized HV of 84.7%, current ATM IV is 33.3 vol points rich.

Trading vol on HIMS: practical notes

The variance risk premium - the persistent gap between implied and subsequently realized volatility - is positive on equity-market averages, which is why premium-selling carries a long-run edge. But the edge is averaged across a distribution; individual realizations can blow past the implied move in either direction. HIMS front-month expiration sits at 30 days; near-dated structures get the highest theta decay but also the largest gamma sensitivity, so the same vol-rank read translates into very different structures at 7 DTE vs 45 DTE. Pair the rank read with the dealer-gamma view, the term-structure shape, and the upcoming-event calendar to confirm the trade fits both the structural regime and the path-dependent risk. Risk-defined structures (credit/debit spreads, condors, butterflies) are usually safer than naked positions when the regime is uncertain.

HIMS volatility surface: linking strikes to tenors

The skew-by-strike chart higher up and the term-structure-by-DTE chart together describe the HIMS implied-volatility surface - the two-dimensional grid of IV across strike and expiration that determines every option premium on the chain. Currently the 25-delta skew is -0.048 and the term-structure slope is -0.095, a combination that flags acute near-term concern: put-skewed AND backwardated means both the strike and the tenor dimensions are pricing risk. Term structure tells you when the market expects the action; skew tells you which direction. Combined with the 85.4% IV rank, the surface gives a complete read on whether HIMS options are cheap, fair, or expensive across both dimensions. Practitioners watch surface dynamics (skew steepening, term-structure inversion) alongside level (IV rank) - level moves are common but surface shape changes typically signal regime-level shifts in how the chain is being positioned.

For HIMS specifically, the surface read fits into a broader options-trading toolkit. Single-leg directional positions (long calls or puts) depend almost entirely on level: cheap IV at any skew/term shape favors buyers, rich IV favors sellers. Risk-defined spreads (vertical credit/debit spreads, iron condors, butterflies) depend on both level and skew: put-skewed surfaces make put-side credit spreads collect more premium per width than call-side, and the asymmetry can compound or offset the directional thesis. Calendar and diagonal spreads depend on term shape: contango makes long-back-month / short-front-month structures cheaper to put on but harder to harvest theta from quickly. Pair the surface read with the dealer-gamma view, the upcoming-event calendar, and the underlying-trend context to choose the strike, the tenor, and the structure family that match both the regime and the conviction level.

Learn how volatility skew is reported and how to read the data →

HIMS highest implied-volatility contracts

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Frequently asked HIMS volatility skew questions

What is the current HIMS ATM implied volatility?

As of Jul 15, 2026, Hims & Hers Health, Inc. (HIMS) at-the-money implied volatility is 118.0%. IV rank is 85.4% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.

Is HIMS IV high or low historically?

IV is elevated relative to its 1-year history, conditions that typically favor premium-selling strategies (credit spreads, iron condors, covered calls).

What does HIMS volatility skew tell options traders?

Volatility skew is the pattern by which IV varies across strikes for a given expiration. Hims & Hers Health, Inc. carries the typical equity downside-protection skew: 25-delta puts price meaningfully richer than 25-delta calls. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.