{"slug":"covered-calls","qid":"payoff","label":"Buy-and-hold SPY vs the covered call, per-share value over 7 weeks","post_title":"Covered Calls: Income on Your Shares","post_url":"/blog/covered-calls#q-payoff","columns":["date","buy_hold","covered_call"],"rows":[{"date":"2026-05-01","buy_hold":720,"covered_call":720},{"date":"2026-05-04","buy_hold":717.76,"covered_call":718.99},{"date":"2026-05-05","buy_hold":726.46,"covered_call":725.55},{"date":"2026-05-06","buy_hold":733,"covered_call":726.94},{"date":"2026-05-07","buy_hold":731.44,"covered_call":726.86},{"date":"2026-05-08","buy_hold":737.82,"covered_call":730.54},{"date":"2026-05-11","buy_hold":739.28,"covered_call":730.89},{"date":"2026-05-12","buy_hold":736.67,"covered_call":729.79},{"date":"2026-05-13","buy_hold":743.57,"covered_call":733.52},{"date":"2026-05-14","buy_hold":747.65,"covered_call":734.39},{"date":"2026-05-15","buy_hold":737.34,"covered_call":730.84},{"date":"2026-05-18","buy_hold":738.89,"covered_call":733.09},{"date":"2026-05-19","buy_hold":734.25,"covered_call":731.17},{"date":"2026-05-20","buy_hold":738.3,"covered_call":731.54},{"date":"2026-05-21","buy_hold":744.13,"covered_call":736.87},{"date":"2026-05-22","buy_hold":743.73,"covered_call":735.33},{"date":"2026-05-26","buy_hold":750.85,"covered_call":739.67},{"date":"2026-05-27","buy_hold":750.05,"covered_call":739.45},{"date":"2026-05-28","buy_hold":755.1,"covered_call":741.62},{"date":"2026-05-29","buy_hold":755.64,"covered_call":741.55},{"date":"2026-06-01","buy_hold":756.58,"covered_call":741.3},{"date":"2026-06-02","buy_hold":759.63,"covered_call":743.35},{"date":"2026-06-03","buy_hold":750.55,"covered_call":739.37},{"date":"2026-06-04","buy_hold":754.56,"covered_call":741.78},{"date":"2026-06-05","buy_hold":735.36,"covered_call":735.31},{"date":"2026-06-08","buy_hold":738.72,"covered_call":738.09},{"date":"2026-06-09","buy_hold":735.7,"covered_call":736.19},{"date":"2026-06-10","buy_hold":722.88,"covered_call":726.93},{"date":"2026-06-11","buy_hold":739.48,"covered_call":739.68},{"date":"2026-06-12","buy_hold":742.45,"covered_call":742.58},{"date":"2026-06-15","buy_hold":753.91,"covered_call":745.72}],"shape":"series","sql":"WITH prem AS (\n  SELECT avg(option_close) AS p\n  FROM global_markets.options_greeks\n  WHERE ticker = 'O:SPY260618C00740000' AND date = '2026-05-01' AND implied_volatility > 0.02\n)\nSELECT g.date,\n       round(avg(g.underlying_close), 2) AS buy_hold,\n       round(avg(g.underlying_close) + any(prem.p) - avg(g.option_close), 2) AS covered_call\nFROM global_markets.options_greeks g, prem\nWHERE g.ticker = 'O:SPY260618C00740000' AND g.date BETWEEN '2026-05-01' AND '2026-06-17' AND g.implied_volatility > 0.02\nGROUP BY g.date ORDER BY g.date","computed_at":"2026-07-16T10:03:50.770704+00:00","elapsed":0.002308775}