QQQ vs SPY: 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 QQQ Implied Volatility: IV Now & Its History.
| month | qqq_iv_pct | spy_iv_pct |
|---|---|---|
| 2022-07-01 | 29.8 | 22.9 |
| 2022-08-01 | 25.8 | 19.7 |
| 2022-09-01 | 32.5 | 25.9 |
| 2022-10-01 | 34.8 | 28.2 |
| 2022-11-01 | 28.3 | 22.3 |
| 2022-12-01 | 26.6 | 20.9 |
| 2023-01-01 | 25.6 | 19.4 |
| 2023-02-01 | 25.4 | 18.6 |
| 2023-03-01 | 25.2 | 20.2 |
| 2023-04-01 | 21.1 | 15.9 |
| 2023-05-01 | 18.9 | 15.2 |
| 2023-06-01 | 18.5 | 12.3 |
| 2023-07-01 | 18.6 | 12.2 |
| 2023-08-01 | 19.5 | 14.1 |
| 2023-09-01 | 18.5 | 13.9 |
| 2023-10-01 | 21.6 | 16.9 |
| 2023-11-01 | 16.6 | 12.7 |
| 2023-12-01 | 15.5 | 11.9 |
| 2024-01-01 | 16.4 | 12 |
| 2024-02-01 | 16.6 | 12 |
| 2024-03-01 | 17.1 | 12.4 |
| 2024-04-01 | 19.1 | 14.7 |
| 2024-05-01 | 15.9 | 11.9 |
| 2024-06-01 | 15.6 | 11.8 |
| 2024-07-01 | 18 | 12.9 |
| 2024-08-01 | 21.8 | 15.7 |
| 2024-09-01 | 20.4 | 15.1 |
| 2024-10-01 | 20.7 | 15.9 |
| 2024-11-01 | 17.7 | 13.3 |
| 2024-12-01 | 16.1 | 12.2 |
| 2025-01-01 | 19.1 | 14.1 |
| 2025-02-01 | 18.7 | 13.8 |
| 2025-03-01 | 25 | 19.4 |
| 2025-04-01 | 32.1 | 27.2 |
| 2025-05-01 | 22 | 18.1 |
| 2025-06-01 | 18.8 | 15.5 |
| 2025-07-01 | 17 | 14.1 |
| 2025-08-01 | 16.8 | 13.2 |
| 2025-09-01 | 17 | 13 |
| 2025-10-01 | 19.7 | 14.9 |
| 2025-11-01 | 21.6 | 16.1 |
| 2025-12-01 | 17.6 | 13.2 |
| 2026-01-01 | 18.2 | 13.4 |
| 2026-02-01 | 21.6 | 16.2 |
| 2026-03-01 | 24.8 | 21.5 |
| 2026-04-01 | 21.3 | 16.6 |
| 2026-05-01 | 21.4 | 14.8 |
| 2026-06-01 | 24.8 | 15.3 |
| 2026-07-01 | 24.6 | 14.2 |
| 2026-08-01 | 19.4 | 12.7 |
| 2026-09-01 | 18.3 | 13.1 |
| 2026-10-01 | 19.5 | 13.6 |
- Rows × columns
- 52 × 3
- 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 | |
qqq_iv_pct |
number | 15.5 to 34.8 | percent |
spy_iv_pct |
number | 11.8 to 28.2 | 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.
Run it yourself
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 = 'QQQ'), 1) AS qqq_iv_pct,
round(100 * quantileExactIf(0.5)(implied_volatility, underlying_symbol = 'SPY'), 1) AS spy_iv_pct
FROM global_markets.options_greeks
WHERE underlying_symbol IN ('QQQ', 'SPY')
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 = 'QQQ') >= 50
ORDER BY month
Work with this data in your AI assistant
Opens ready to query, with this page's data. Free, no account.