{"slug":"qqq-implied-volatility","qid":"iv_history","label":"QQQ vs SPY: median ATM implied volatility by month, since mid-2022","post_title":"QQQ Implied Volatility: IV Now & Its History","post_url":"/blog/qqq-implied-volatility#q-iv_history","columns":["month","qqq_iv_pct","spy_iv_pct"],"rows":[{"month":"2022-07-01","qqq_iv_pct":29.8,"spy_iv_pct":22.9},{"month":"2022-08-01","qqq_iv_pct":25.8,"spy_iv_pct":19.7},{"month":"2022-09-01","qqq_iv_pct":32.5,"spy_iv_pct":25.9},{"month":"2022-10-01","qqq_iv_pct":34.8,"spy_iv_pct":28.2},{"month":"2022-11-01","qqq_iv_pct":28.3,"spy_iv_pct":22.3},{"month":"2022-12-01","qqq_iv_pct":26.6,"spy_iv_pct":20.9},{"month":"2023-01-01","qqq_iv_pct":25.6,"spy_iv_pct":19.4},{"month":"2023-02-01","qqq_iv_pct":25.4,"spy_iv_pct":18.6},{"month":"2023-03-01","qqq_iv_pct":25.2,"spy_iv_pct":20.2},{"month":"2023-04-01","qqq_iv_pct":21.1,"spy_iv_pct":15.9},{"month":"2023-05-01","qqq_iv_pct":18.9,"spy_iv_pct":15.2},{"month":"2023-06-01","qqq_iv_pct":18.5,"spy_iv_pct":12.3},{"month":"2023-07-01","qqq_iv_pct":18.6,"spy_iv_pct":12.2},{"month":"2023-08-01","qqq_iv_pct":19.5,"spy_iv_pct":14.1},{"month":"2023-09-01","qqq_iv_pct":18.5,"spy_iv_pct":13.9},{"month":"2023-10-01","qqq_iv_pct":21.6,"spy_iv_pct":16.9},{"month":"2023-11-01","qqq_iv_pct":16.6,"spy_iv_pct":12.7},{"month":"2023-12-01","qqq_iv_pct":15.5,"spy_iv_pct":11.9},{"month":"2024-01-01","qqq_iv_pct":16.4,"spy_iv_pct":12},{"month":"2024-02-01","qqq_iv_pct":16.6,"spy_iv_pct":12},{"month":"2024-03-01","qqq_iv_pct":17.1,"spy_iv_pct":12.4},{"month":"2024-04-01","qqq_iv_pct":19.1,"spy_iv_pct":14.7},{"month":"2024-05-01","qqq_iv_pct":15.9,"spy_iv_pct":11.9},{"month":"2024-06-01","qqq_iv_pct":15.6,"spy_iv_pct":11.8},{"month":"2024-07-01","qqq_iv_pct":18,"spy_iv_pct":12.9},{"month":"2024-08-01","qqq_iv_pct":21.8,"spy_iv_pct":15.7},{"month":"2024-09-01","qqq_iv_pct":20.4,"spy_iv_pct":15.1},{"month":"2024-10-01","qqq_iv_pct":20.7,"spy_iv_pct":15.9},{"month":"2024-11-01","qqq_iv_pct":17.7,"spy_iv_pct":13.3},{"month":"2024-12-01","qqq_iv_pct":16.1,"spy_iv_pct":12.2},{"month":"2025-01-01","qqq_iv_pct":19.1,"spy_iv_pct":14.1},{"month":"2025-02-01","qqq_iv_pct":18.7,"spy_iv_pct":13.8},{"month":"2025-03-01","qqq_iv_pct":25,"spy_iv_pct":19.4},{"month":"2025-04-01","qqq_iv_pct":32.1,"spy_iv_pct":27.2},{"month":"2025-05-01","qqq_iv_pct":22,"spy_iv_pct":18.1},{"month":"2025-06-01","qqq_iv_pct":18.8,"spy_iv_pct":15.5},{"month":"2025-07-01","qqq_iv_pct":17,"spy_iv_pct":14.1},{"month":"2025-08-01","qqq_iv_pct":16.8,"spy_iv_pct":13.2},{"month":"2025-09-01","qqq_iv_pct":17,"spy_iv_pct":13},{"month":"2025-10-01","qqq_iv_pct":19.7,"spy_iv_pct":14.9},{"month":"2025-11-01","qqq_iv_pct":21.6,"spy_iv_pct":16.1},{"month":"2025-12-01","qqq_iv_pct":17.6,"spy_iv_pct":13.2},{"month":"2026-01-01","qqq_iv_pct":18.2,"spy_iv_pct":13.4},{"month":"2026-02-01","qqq_iv_pct":21.6,"spy_iv_pct":16.2},{"month":"2026-03-01","qqq_iv_pct":24.8,"spy_iv_pct":21.5},{"month":"2026-04-01","qqq_iv_pct":21.3,"spy_iv_pct":16.6},{"month":"2026-05-01","qqq_iv_pct":21.4,"spy_iv_pct":14.8},{"month":"2026-06-01","qqq_iv_pct":24.8,"spy_iv_pct":15.3},{"month":"2026-07-01","qqq_iv_pct":24.6,"spy_iv_pct":14.2},{"month":"2026-08-01","qqq_iv_pct":19.9,"spy_iv_pct":12.7}],"shape":"series","sql":"SELECT toString(toStartOfMonth(date)) AS month,\n       round(100 * quantileExactIf(0.5)(implied_volatility, underlying_symbol = 'QQQ'), 1) AS qqq_iv_pct,\n       round(100 * quantileExactIf(0.5)(implied_volatility, underlying_symbol = 'SPY'), 1) AS spy_iv_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol IN ('QQQ', 'SPY')\n  AND date >= toDate('2022-07-01')\n  AND iv_converged AND implied_volatility BETWEEN 0.02 AND 5\n  AND abs(strike_price / underlying_close - 1) <= 0.05\n  AND expiration_date BETWEEN date + 7 AND date + 60\nGROUP BY month\nHAVING countIf(underlying_symbol = 'QQQ') >= 50\nORDER BY month","computed_at":"2026-08-22T04:18:27.151876+00:00","elapsed":5.241388304}