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How often front volatility sat above back volatility

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 2026-08-22, from What Is a Calendar Spread in Options?.

as of ranking 5×4read in context →
How often front volatility sat above back volatility — 5 rows by 4 columns, computed from US exchange, SIP and OPRA data.
symbolinverted_days_pctavg_slope_ptsobs_count
KO620.72274
AAPL40.10.47274
MSFT28.80.22274
NVDA27-1.44274
SPY22.3-0.8274
Rows × columns
5 × 4
Computed
Completeness
No missing values
Source
US exchange, SIP and OPRA market data
Licence
Strasmore terms · free, no signup
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for How often front volatility sat above back volatility, derived from the stored result.
ColumnTypeRangeNotes
symbol text 5 distinct values (AAPL, KO, MSFT…)
inverted_days_pct number 22.3 to 62 percent
avg_slope_pts number -1.44 to 0.72
obs_count number every row is 274 count

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.

the exact SQL behind every number
SELECT
    symbol,
    round(100 * countIf(slope_pts > 0) / count(), 1) AS inverted_days_pct,
    round(avg(slope_pts), 2)                         AS avg_slope_pts,
    count()                                          AS obs_count
FROM
(
    SELECT
        underlying_symbol AS symbol,
        date,
        (avgIf(implied_volatility, days_to_expiry BETWEEN 7 AND 25)
       - avgIf(implied_volatility, days_to_expiry BETWEEN 60 AND 120)) * 100 AS slope_pts
    FROM global_markets.options_greeks
    WHERE underlying_symbol IN ('AAPL', 'MSFT', 'NVDA', 'SPY', 'KO')
      AND date >= today() - 400
      AND date <= today() - 2
      AND iv_converged = 1
      AND volume > 0
      AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05
    GROUP BY symbol, date
    HAVING countIf(days_to_expiry BETWEEN 7 AND 25) > 0
       AND countIf(days_to_expiry BETWEEN 60 AND 120) > 0
)
GROUP BY symbol
ORDER BY inverted_days_pct DESC

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