Is ORI options pricing rich or cheap right now?

As of Oct 13, 2026, Old Republic International Corporation (ORI) ATM IV is 96.4% against 20-day realized volatility of 15.4%. IV rank is 20.7%. ORI options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 81.0 vol points.

What is the ORI 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. ORI 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 ORI 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. ORI's current rank of 20.7% 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.

Old Republic International Corporation (ORI) 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.

Old Republic International Corporation (ORI) operates in the Financial Services sector, specifically the Insurance - Property & Casualty industry, with a market capitalization near $9.29B, listed on NYSE, employing roughly 9,500 people, carrying a beta of 0.59 to the broader market. Old Republic International Corporation (ORI), through its various subsidiary entities, specializes in insurance underwriting and related services, primarily conducting business in the United States and Canada. Led by Craig Richard Smiddy, public since 1980-03-17.

Snapshot as of Oct 13, 2026.

Spot Price: $38.24
ATM IV: 96.4%
HV 20-Day: 15.4%
HV 60-Day: 21.1%
IV Rank: 20.7%
IV Percentile: 89.7%

As of Oct 13, 2026, Old Republic International Corporation (ORI) ATM implied volatility is 96.4%. 20-day realized volatility is 15.4%, producing an IV-HV spread of +81.0 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 20.7%.

How ORI iv/hv history Data Feeds Strategy Selection

Strategy selection on Old Republic International Corporation 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 96.4% 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 ORI IV vs HV chart

The dual-line chart below 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 96.4%, 20.7% IV rank, against 15.4% realized over the trailing 20 trading days. Implied is pricing above realized by 81.0 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. 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.

ORI IV/HV regimes and trade selection

ORI 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 ORI 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. Term structure is roughly flat at -0.016, no strong near vs far premium being priced. Pair the rank read with the slope read with the event calendar to choose the right tenor for the structure.

ORI 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. ORI's current 20.7% 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 (15.4%) to HV-60 (21.1%) 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 below 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 ORI over the last ~30 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
Oct 13, 2026	96.4%	15.4%	21.1%	20.7%
Oct 12, 2026	3.8%	15.3%	21.4%	0.6%
Oct 9, 2026	91.6%	15.9%	21.4%	19.7%
Oct 8, 2026	75.3%	15.6%	21.3%	16.1%
Oct 7, 2026	85.8%	13.4%	21.0%	18.4%
Oct 6, 2026	80.4%	13.4%	21.2%	17.3%
Oct 5, 2026	70.5%	13.7%	21.2%	15.1%
Oct 2, 2026	159.8%	16.1%	21.6%	34.5%
Oct 1, 2026	23.3%	16.5%	21.4%	4.8%
Sep 30, 2026	25.2%	16.7%	21.4%	5.3%
Sep 29, 2026	6.9%	16.1%	21.6%	1.3%
Sep 28, 2026	5.8%	15.8%	21.6%	1.0%
Sep 25, 2026	7.1%	15.6%	21.9%	1.3%
Sep 24, 2026	5.5%	15.6%	22.1%	1.0%
Sep 23, 2026	9.7%	16.4%	22.3%	1.9%

Frequently asked ORI iv/hv history questions

Is ORI options pricing rich or cheap right now?: As of Oct 13, 2026, Old Republic International Corporation (ORI) ATM IV is 96.4% against 20-day realized volatility of 15.4%. IV rank is 20.7%. ORI options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 81.0 vol points.
What is the ORI 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. ORI 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 ORI 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. ORI's current rank of 20.7% 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.