A decade of SPY put-call ratios: median, low and high of the daily reading 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 2026-08-11, from What Is the Put-Call Ratio? A Data Guide.
| year | sessions | median_ratio | low | high |
|---|---|---|---|---|
| 2015 | 252 | 1.754 | 0.987 | 2.96 |
| 2016 | 252 | 1.508 | 0.503 | 2.508 |
| 2017 | 251 | 1.597 | 0.581 | 3.541 |
| 2018 | 250 | 1.438 | 0.611 | 2.362 |
| 2019 | 252 | 1.524 | 0.693 | 2.351 |
| 2020 | 253 | 1.431 | 0.59 | 2.282 |
| 2021 | 252 | 1.314 | 0.656 | 2.167 |
| 2022 | 251 | 1.361 | 0.983 | 1.927 |
| 2023 | 250 | 1.242 | 0.693 | 1.716 |
| 2024 | 252 | 1.175 | 0.829 | 1.897 |
| 2025 | 250 | 1.168 | 0.587 | 1.793 |
| 2026 | 150 | 1.234 | 0.729 | 1.751 |
- Rows × columns
- 12 × 5
- 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 |
number | 2,015 to 2,026 | |
sessions |
number | 150 to 253 | |
median_ratio |
number | 1.168 to 1.754 | ratio or rate |
low |
number | 0.503 to 0.987 | US dollars |
high |
number | 1.716 to 3.541 | US dollars |
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.
WITH daily AS (
SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS day,
sumIf(toFloat64(volume), substring(ticker, length(ticker) - 8, 1) = 'P')
/ sumIf(toFloat64(volume), substring(ticker, length(ticker) - 8, 1) = 'C') AS ratio
FROM global_markets.options_minute_aggs
WHERE ticker LIKE 'O:SPY%'
GROUP BY day
HAVING sumIf(toFloat64(volume), substring(ticker, length(ticker) - 8, 1) = 'C') > 0
)
SELECT toYear(day) AS year,
count() AS sessions,
round(quantileDeterministic(0.5)(ratio, cityHash64(toString(day))), 3) AS median_ratio,
round(min(ratio), 3) AS low,
round(max(ratio), 3) AS high
FROM daily
WHERE toYear(day) >= 2015
GROUP BY year
ORDER BY year
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