{"slug":"deep-itm-leaps","qid":"indexed","label":"SPY vs the LEAPS call, both indexed to 100 in early June 2025","post_title":"Deep ITM LEAPS: Stock Replacement","post_url":"/blog/deep-itm-leaps#q-indexed","columns":["week","spy_index","leaps_index"],"rows":[{"week":"2025-06-02","spy_index":100,"leaps_index":100},{"week":"2025-06-09","spy_index":100.8,"leaps_index":106.4},{"week":"2025-06-16","spy_index":100.3,"leaps_index":102.2},{"week":"2025-06-23","spy_index":102.3,"leaps_index":117.1},{"week":"2025-06-30","spy_index":104.2,"leaps_index":140.1},{"week":"2025-07-07","spy_index":104.6,"leaps_index":143.5},{"week":"2025-07-14","spy_index":105,"leaps_index":147.7},{"week":"2025-07-21","spy_index":106.4,"leaps_index":159.6},{"week":"2025-07-28","spy_index":106.3,"leaps_index":157.9},{"week":"2025-08-04","spy_index":106.3,"leaps_index":153.2},{"week":"2025-08-11","spy_index":107.9,"leaps_index":173.4},{"week":"2025-08-18","spy_index":107.6,"leaps_index":166.1},{"week":"2025-08-25","spy_index":108.4,"leaps_index":176.3},{"week":"2025-09-01","spy_index":108.4,"leaps_index":170.9},{"week":"2025-09-08","spy_index":109.8,"leaps_index":190.2},{"week":"2025-09-15","spy_index":111.2,"leaps_index":209.6},{"week":"2025-09-22","spy_index":111.3,"leaps_index":214.5},{"week":"2025-09-29","spy_index":112.1,"leaps_index":223.7},{"week":"2025-10-06","spy_index":112.2,"leaps_index":223.4},{"week":"2025-10-13","spy_index":111.4,"leaps_index":211.7},{"week":"2025-10-20","spy_index":112.9,"leaps_index":229.6},{"week":"2025-10-27","spy_index":115.1,"leaps_index":259.6},{"week":"2025-11-03","spy_index":113.6,"leaps_index":233.5},{"week":"2025-11-10","spy_index":113.8,"leaps_index":236.2},{"week":"2025-11-17","spy_index":110.9,"leaps_index":193.2},{"week":"2025-11-24","spy_index":113.4,"leaps_index":224.4},{"week":"2025-12-01","spy_index":114.6,"leaps_index":241.1},{"week":"2025-12-08","spy_index":115,"leaps_index":247.2},{"week":"2025-12-15","spy_index":114.2,"leaps_index":233.1},{"week":"2025-12-22","spy_index":115.6,"leaps_index":253.5},{"week":"2025-12-29","spy_index":115.2,"leaps_index":246.2},{"week":"2026-01-05","spy_index":115.9,"leaps_index":254.5},{"week":"2026-01-12","spy_index":116.6,"leaps_index":265.8}],"shape":"series","sql":"SELECT week,\n       round(spy / first_value(spy) OVER w * 100, 1) AS spy_index,\n       round(leaps / first_value(leaps) OVER w * 100, 1) AS leaps_index\nFROM (\n  SELECT toStartOfWeek(date, 1) AS week,\n         avg(underlying_close) AS spy,\n         avg(option_close) AS leaps\n  FROM global_markets.options_greeks\n  WHERE ticker = 'O:SPY260116C00600000' AND date BETWEEN '2025-06-02' AND '2026-01-13' AND implied_volatility > 0.02\n  GROUP BY week\n)\nWINDOW w AS (ORDER BY week)\nORDER BY week","computed_at":"2026-07-16T10:03:48.959933+00:00","elapsed":0.002095048}