{"slug":"how-to-calculate-covered-call-returns","qid":"monthly_iv","label":"Median implied volatility on near-the-money AAPL calls, by month","post_title":"How to Calculate Covered Call Returns","post_url":"/blog/how-to-calculate-covered-call-returns#q-monthly_iv","columns":["month","median_iv_pct"],"rows":[{"month":"2024-08","median_iv_pct":23.3},{"month":"2024-09","median_iv_pct":24.8},{"month":"2024-10","median_iv_pct":26.4},{"month":"2024-11","median_iv_pct":19.8},{"month":"2024-12","median_iv_pct":18.5},{"month":"2025-01","median_iv_pct":26.3},{"month":"2025-02","median_iv_pct":22.8},{"month":"2025-03","median_iv_pct":29.3},{"month":"2025-04","median_iv_pct":41.6},{"month":"2025-05","median_iv_pct":30.6},{"month":"2025-06","median_iv_pct":27.5},{"month":"2025-07","median_iv_pct":28.7},{"month":"2025-08","median_iv_pct":24.2},{"month":"2025-09","median_iv_pct":23.3},{"month":"2025-10","median_iv_pct":27.2},{"month":"2025-11","median_iv_pct":23.2},{"month":"2025-12","median_iv_pct":20.8},{"month":"2026-01","median_iv_pct":26.9},{"month":"2026-02","median_iv_pct":26.2},{"month":"2026-03","median_iv_pct":27.7},{"month":"2026-04","median_iv_pct":27.7},{"month":"2026-05","median_iv_pct":23.5},{"month":"2026-06","median_iv_pct":25.3},{"month":"2026-07","median_iv_pct":28.4}],"shape":"series","sql":"SELECT\n    formatDateTime(toStartOfMonth(date), '%Y-%m') AS month,\n    round(100 * quantileDeterministic(0.5)(toFloat64(implied_volatility), cityHash64(ticker)), 1) AS median_iv_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'AAPL'\n  AND date >= '2024-08-01'\n  AND date <  '2026-08-01'\n  AND iv_converged = 1\n  AND volume > 0\n  AND delta > 0\n  AND days_to_expiry BETWEEN 20 AND 45\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\nGROUP BY toStartOfMonth(date)\nORDER BY toStartOfMonth(date)","computed_at":"2026-08-05T15:18:29.251484+00:00","elapsed":0.002417966}