MSFT vs SPY and QQQ: median ATM implied volatility by month, since mid-2022
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-10-04, from MSFT Implied Volatility: IV Now & Its History.
| month | msft_iv_pct | spy_iv_pct | qqq_iv_pct |
|---|---|---|---|
| 2022-07-01 | 33.3 | 22.9 | 29.8 |
| 2022-08-01 | 25.6 | 19.7 | 25.8 |
| 2022-09-01 | 33.1 | 25.9 | 32.5 |
| 2022-10-01 | 38.3 | 28.2 | 34.8 |
| 2022-11-01 | 30.3 | 22.3 | 28.3 |
| 2022-12-01 | 30.5 | 20.9 | 26.6 |
| 2023-01-01 | 32.7 | 19.4 | 25.6 |
| 2023-02-01 | 28.2 | 18.6 | 25.4 |
| 2023-03-01 | 29.3 | 20.2 | 25.2 |
| 2023-04-01 | 27.9 | 15.9 | 21.1 |
| 2023-05-01 | 21.5 | 15.2 | 18.9 |
| 2023-06-01 | 21.9 | 12.3 | 18.5 |
| 2023-07-01 | 28.6 | 12.2 | 18.6 |
| 2023-08-01 | 24.9 | 14.1 | 19.5 |
| 2023-09-01 | 23.3 | 13.9 | 18.5 |
| 2023-10-01 | 28.7 | 16.9 | 21.6 |
| 2023-11-01 | 19.8 | 12.7 | 16.6 |
| 2023-12-01 | 19.9 | 11.9 | 15.5 |
| 2024-01-01 | 26 | 12 | 16.4 |
| 2024-02-01 | 19.8 | 12 | 16.6 |
| 2024-03-01 | 21.7 | 12.4 | 17.1 |
| 2024-04-01 | 27 | 14.7 | 19.1 |
| 2024-05-01 | 19 | 11.9 | 15.9 |
| 2024-06-01 | 18.8 | 11.8 | 15.6 |
| 2024-07-01 | 26 | 12.9 | 18 |
| 2024-08-01 | 22.3 | 15.7 | 21.8 |
| 2024-09-01 | 23.1 | 15.1 | 20.4 |
| 2024-10-01 | 28.3 | 15.9 | 20.7 |
| 2024-11-01 | 19.6 | 13.3 | 17.7 |
| 2024-12-01 | 19.2 | 12.2 | 16.1 |
| 2025-01-01 | 25.1 | 14.1 | 19.1 |
| 2025-02-01 | 21.8 | 13.8 | 18.7 |
| 2025-03-01 | 26.5 | 19.4 | 25 |
| 2025-04-01 | 36.2 | 27.2 | 32.1 |
| 2025-05-01 | 20.7 | 18.1 | 22 |
| 2025-06-01 | 18.2 | 15.5 | 18.8 |
| 2025-07-01 | 24.3 | 14.1 | 17 |
| 2025-08-01 | 19.1 | 13.2 | 16.8 |
| 2025-09-01 | 20.9 | 13 | 17 |
| 2025-10-01 | 27.5 | 14.9 | 19.7 |
| 2025-11-01 | 23.3 | 16.1 | 21.6 |
| 2025-12-01 | 21.8 | 13.2 | 17.6 |
| 2026-01-01 | 29.8 | 13.4 | 18.2 |
| 2026-02-01 | 28.5 | 16.2 | 21.6 |
| 2026-03-01 | 29.6 | 21.5 | 24.8 |
| 2026-04-01 | 36.8 | 16.6 | 21.3 |
| 2026-05-01 | 28.4 | 14.8 | 21.4 |
| 2026-06-01 | 32.2 | 15.3 | 24.8 |
| 2026-07-01 | 41.3 | 14.2 | 24.6 |
| 2026-08-01 | 26.5 | 12.7 | 19.4 |
| 2026-09-01 | 25.5 | 13.1 | 18.3 |
| 2026-10-01 | 27.4 | 13.6 | 19.5 |
- Rows × columns
- 52 × 4
- Period covered
- to
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
month |
date | 2022-07-01 to 2026-10-01 | |
msft_iv_pct |
number | 18.2 to 41.3 | percent |
spy_iv_pct |
number | 11.8 to 28.2 | percent |
qqq_iv_pct |
number | 15.5 to 34.8 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
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This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
SELECT toString(toStartOfMonth(date)) AS month,
round(100 * quantileExactIf(0.5)(implied_volatility, underlying_symbol = 'MSFT'), 1) AS msft_iv_pct,
round(100 * quantileExactIf(0.5)(implied_volatility, underlying_symbol = 'SPY'), 1) AS spy_iv_pct,
round(100 * quantileExactIf(0.5)(implied_volatility, underlying_symbol = 'QQQ'), 1) AS qqq_iv_pct
FROM global_markets.options_greeks
WHERE underlying_symbol IN ('MSFT', 'SPY', 'QQQ')
AND date >= toDate('2022-07-01')
AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5
AND abs(strike_price / underlying_close - 1) <= 0.05
AND expiration_date BETWEEN date + 7 AND date + 60
GROUP BY month
HAVING countIf(underlying_symbol = 'MSFT') >= 50
ORDER BY month
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