{"slug":"what-is-hedging","qid":"hedge_cost_by_year","label":"hedge_cost_by_year","post_title":"what-is-hedging","post_url":"/blog/lang/ta/what-is-hedging#q-hedge_cost_by_year","columns":["year","monthly_cost_pct","annual_cost_pct","avg_iv_pct"],"rows":[{"year":"2022","monthly_cost_pct":1.15,"annual_cost_pct":13.8,"avg_iv_pct":26.8},{"year":"2023","monthly_cost_pct":0.5,"annual_cost_pct":6,"avg_iv_pct":19},{"year":"2024","monthly_cost_pct":0.36,"annual_cost_pct":4.3,"avg_iv_pct":17},{"year":"2025","monthly_cost_pct":0.61,"annual_cost_pct":7.3,"avg_iv_pct":20.3},{"year":"2026","monthly_cost_pct":0.58,"annual_cost_pct":7,"avg_iv_pct":19.9}],"shape":"ranking","sql":"SELECT\n    toString(toYear(date))          AS year,\n    round(avg(premium_pct), 2)      AS monthly_cost_pct,\n    round(avg(premium_pct) * 12, 1) AS annual_cost_pct,\n    round(avg(iv) * 100, 1)         AS avg_iv_pct\nFROM\n(\n    SELECT\n        date,\n        toFloat64(option_close) / toFloat64(underlying_close) * 100 AS premium_pct,\n        implied_volatility                                          AS iv\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND lower(option_type) LIKE 'p%'\n      AND iv_converged = 1\n      AND volume > 0\n      AND date >= '2022-01-01'\n      AND date <  '2026-10-01'\n      AND days_to_expiry BETWEEN 25 AND 40\n      AND underlying_close > 0\n      AND toFloat64(strike_price) / toFloat64(underlying_close) BETWEEN 0.94 AND 0.96\n)\nGROUP BY year\nORDER BY year","computed_at":"2026-10-04T15:40:04.634934+00:00","elapsed":0.00327185}