SNDR Collar Strategy
SNDR (Schneider National, Inc.), in the Industrials sector, (Trucking industry), listed on NYSE.
Schneider National, Inc. (SNDR) delivers a wide array of ground transportation and logistics services across the United States, Canada, and Mexico. The company is organized into three primary operating segments: Truckload, Intermodal, and Logistics. The Truckload division specializes in providing standard long-haul and regional freight shipping, utilizing a diverse fleet including dry van, bulk, temperature-controlled, and flat-bed equipment. Furthermore, it delivers bespoke solutions for time-sensitive shipments and offers cross-docking services. The Intermodal division facilitates end-to-end container transport by rail and local drayage, leveraging its proprietary containers, chassis, and trucks. Within its Logistics segment, Schneider offers services such as freight brokerage, comprehensive supply chain management, import/export solutions, and value-added assistance for managing and moving client cargo, alongside transloading and warehousing operations.
SNDR (Schneider National, Inc.) trades in the Industrials sector, specifically Trucking, with a market capitalization of approximately $6.36B, a trailing P/E of 64.91, a beta of 1.19 versus the broader market, a 52-week range of 20.11-39.27, average daily share volume of 1.1M, a public-listing history dating back to 2017, approximately 19K full-time employees. These structural characteristics shape how SNDR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.19 places SNDR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 64.91 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. SNDR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SNDR?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current SNDR snapshot
As of June 29, 2026, spot at $36.66, ATM IV 33.80%, IV rank 19.67%, expected move 9.69%. The collar on SNDR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.
Why this collar structure on SNDR specifically: IV regime affects collar pricing on both sides; compressed SNDR IV at 33.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.69% (roughly $3.55 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SNDR expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNDR should anchor to the underlying notional of $36.66 per share and to the trader's directional view on SNDR stock.
SNDR collar setup
The SNDR collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SNDR near $36.66, the first option leg uses a $38.49 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNDR chain at a 18-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SNDR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $36.66 | long |
| Sell 1 | Call | $38.49 | N/A |
| Buy 1 | Put | $34.83 | N/A |
SNDR collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
SNDR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SNDR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use collar on SNDR
Collars on SNDR hedge an existing long SNDR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
SNDR thesis for this collar
The market-implied 1-standard-deviation range for SNDR extends from approximately $33.11 on the downside to $40.21 on the upside. A SNDR collar hedges an existing long SNDR position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current SNDR IV rank near 19.67% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on SNDR at 33.80%. As a Industrials name, SNDR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNDR-specific events.
SNDR collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SNDR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SNDR alongside the broader basket even when SNDR-specific fundamentals are unchanged. Always rebuild the position from current SNDR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SNDR?
- A collar on SNDR is the collar strategy applied to SNDR (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With SNDR stock trading near $36.66, the strikes shown on this page are snapped to the nearest listed SNDR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SNDR collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the SNDR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SNDR collar?
- The breakeven for the SNDR collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SNDR market-implied 1-standard-deviation expected move is approximately 9.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SNDR?
- Collars on SNDR hedge an existing long SNDR stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current SNDR implied volatility affect this collar?
- SNDR ATM IV is at 33.80% with IV rank near 19.67%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.