hedge_cost_by_year
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 what-is-hedging.
| year | monthly_cost_pct | annual_cost_pct | avg_iv_pct |
|---|---|---|---|
| 2022 | 1.15 | 13.8 | 26.8 |
| 2023 | 0.5 | 6 | 19 |
| 2024 | 0.36 | 4.3 | 17 |
| 2025 | 0.61 | 7.3 | 20.3 |
| 2026 | 0.58 | 7 | 19.9 |
- Rows × columns
- 5 × 4
- 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 |
|---|---|---|---|
year |
text | 5 distinct values (2022, 2023, 2024…) | |
monthly_cost_pct |
number | 0.36 to 1.15 | percent |
annual_cost_pct |
number | 4.3 to 13.8 | percent |
avg_iv_pct |
number | 17 to 26.8 | 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.
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(toYear(date)) AS year,
round(avg(premium_pct), 2) AS monthly_cost_pct,
round(avg(premium_pct) * 12, 1) AS annual_cost_pct,
round(avg(iv) * 100, 1) AS avg_iv_pct
FROM
(
SELECT
date,
toFloat64(option_close) / toFloat64(underlying_close) * 100 AS premium_pct,
implied_volatility AS iv
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
AND lower(option_type) LIKE 'p%'
AND iv_converged = 1
AND volume > 0
AND date >= '2022-01-01'
AND date < '2026-10-01'
AND days_to_expiry BETWEEN 25 AND 40
AND underlying_close > 0
AND toFloat64(strike_price) / toFloat64(underlying_close) BETWEEN 0.94 AND 0.96
)
GROUP BY year
ORDER BY year
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