Index-linked vs single-stock options: put-call ratio by population, June 2026
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 2026-08-11, from What Is the Put-Call Ratio? A Data Guide.
| population | put_call_ratio | contracts_mm | pct_of_volume |
|---|---|---|---|
| Broad-market ETFs (SPY, QQQ, IWM, DIA) | 1.175 | 476.3 | 32.2 |
| Index options (SPX, VIX, NDX) | 1.096 | 115.7 | 7.8 |
| Single stocks and other ETFs | 0.588 | 885.8 | 59.9 |
- Rows × columns
- 3 × 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 |
|---|---|---|---|
population |
text | 3 distinct values | |
put_call_ratio |
number | 0.588 to 1.175 | ratio or rate |
contracts_mm |
number | 115.7 to 885.8 | count |
pct_of_volume |
number | 7.8 to 59.9 | 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.
the exact SQL behind every number
WITH substring(ticker, 3, length(ticker) - 17) AS root
SELECT multiIf(root IN ('SPX', 'SPXW', 'XSP', 'NDX', 'NDXP', 'RUT', 'RUTW', 'VIX', 'VIXW', 'DJX', 'OEX', 'XEO'), 'Index options (SPX, VIX, NDX)',
root IN ('SPY', 'QQQ', 'IWM', 'DIA'), 'Broad-market ETFs (SPY, QQQ, IWM, DIA)',
'Single stocks and other ETFs') AS population,
round(sumIf(toFloat64(volume), substring(ticker, length(ticker) - 8, 1) = 'P')
/ sumIf(toFloat64(volume), substring(ticker, length(ticker) - 8, 1) = 'C'), 3) AS put_call_ratio,
round(sum(toFloat64(volume)) / 1e6, 1) AS contracts_mm,
round(100 * sum(toFloat64(volume)) / sum(sum(toFloat64(volume))) OVER (), 1) AS pct_of_volume
FROM global_markets.options_minute_aggs
WHERE window_start >= '2026-06-01 04:00:00'
AND window_start < '2026-07-01 04:00:00'
GROUP BY population
ORDER BY put_call_ratio DESC
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