{"slug":"how-delta-hedging-works","qid":"path_vs_net","label":"Total daily movement versus net movement, June 2026","post_title":"How Delta Hedging Actually Works","post_url":"/blog/how-delta-hedging-works#q-path_vs_net","columns":["ticker","path_length_pct","net_move_pct","path_to_net_ratio"],"rows":[{"ticker":"MSFT","path_length_pct":43.2,"net_move_pct":19,"path_to_net_ratio":2.3},{"ticker":"AAPL","path_length_pct":33.7,"net_move_pct":5.5,"path_to_net_ratio":6.1},{"ticker":"KO","path_length_pct":23.3,"net_move_pct":3.3,"path_to_net_ratio":7},{"ticker":"SPY","path_length_pct":17.6,"net_move_pct":1.6,"path_to_net_ratio":11.4}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(path, 1)                        AS path_length_pct,\n    round(net, 1)                         AS net_move_pct,\n    round(path / greatest(net, 0.05), 1)  AS path_to_net_ratio\nFROM\n(\n    SELECT\n        ticker,\n        arraySum(arrayMap((a, b) -> abs(a / b - 1) * 100,\n                          arraySlice(px, 2),\n                          arraySlice(px, 1, length(px) - 1))) AS path,\n        abs(px[-1] / px[1] - 1) * 100                          AS net\n    FROM\n    (\n        SELECT\n            ticker,\n            arrayMap(t -> t.2, arraySort(t -> t.1, groupArray((session_date, session_close)))) AS px\n        FROM\n        (\n            SELECT\n                ticker,\n                date                  AS session_date,\n                toFloat64(max(close)) AS session_close\n            FROM global_markets.stocks_daily_aggs\n            WHERE ticker IN ('SPY', 'AAPL', 'MSFT', 'KO')\n              AND date >= '2026-06-01'\n              AND date <  '2026-07-01'\n            GROUP BY ticker, date\n        )\n        GROUP BY ticker\n    )\n)\nORDER BY path_to_net_ratio","computed_at":"2026-08-16T14:39:45.543057+00:00","elapsed":0.003873401}