{"slug":"what-is-vxx-etn","qid":"spy_iv","label":"spy_iv","post_title":"what-is-vxx-etn","post_url":"/blog/lang/pcm/what-is-vxx-etn#q-spy_iv","columns":["month","month_label","spy_iv_pct","window_high_pct"],"rows":[{"month":"2021-09-01","month_label":"Sep 2021","spy_iv_pct":14.7,"window_high_pct":27.9},{"month":"2021-10-01","month_label":"Oct 2021","spy_iv_pct":14.3,"window_high_pct":27.9},{"month":"2021-11-01","month_label":"Nov 2021","spy_iv_pct":14,"window_high_pct":27.9},{"month":"2021-12-01","month_label":"Dec 2021","spy_iv_pct":16.1,"window_high_pct":27.9},{"month":"2022-01-01","month_label":"Jan 2022","spy_iv_pct":18.4,"window_high_pct":27.9},{"month":"2022-02-01","month_label":"Feb 2022","spy_iv_pct":21.6,"window_high_pct":27.9},{"month":"2022-03-01","month_label":"Mar 2022","spy_iv_pct":22.1,"window_high_pct":27.9},{"month":"2022-04-01","month_label":"Apr 2022","spy_iv_pct":19.5,"window_high_pct":27.9},{"month":"2022-05-01","month_label":"May 2022","spy_iv_pct":26.3,"window_high_pct":27.9},{"month":"2022-06-01","month_label":"Jun 2022","spy_iv_pct":25,"window_high_pct":27.9},{"month":"2022-07-01","month_label":"Jul 2022","spy_iv_pct":23,"window_high_pct":27.9},{"month":"2022-08-01","month_label":"Aug 2022","spy_iv_pct":19.8,"window_high_pct":27.9},{"month":"2022-09-01","month_label":"Sep 2022","spy_iv_pct":25.6,"window_high_pct":27.9},{"month":"2022-10-01","month_label":"Oct 2022","spy_iv_pct":27.9,"window_high_pct":27.9},{"month":"2022-11-01","month_label":"Nov 2022","spy_iv_pct":23,"window_high_pct":27.9},{"month":"2022-12-01","month_label":"Dec 2022","spy_iv_pct":20.8,"window_high_pct":27.9},{"month":"2023-01-01","month_label":"Jan 2023","spy_iv_pct":19.3,"window_high_pct":27.9},{"month":"2023-02-01","month_label":"Feb 2023","spy_iv_pct":18.7,"window_high_pct":27.9},{"month":"2023-03-01","month_label":"Mar 2023","spy_iv_pct":19.9,"window_high_pct":27.9},{"month":"2023-04-01","month_label":"Apr 2023","spy_iv_pct":16.4,"window_high_pct":27.9},{"month":"2023-05-01","month_label":"May 2023","spy_iv_pct":15.7,"window_high_pct":27.9},{"month":"2023-06-01","month_label":"Jun 2023","spy_iv_pct":12.4,"window_high_pct":27.9},{"month":"2023-07-01","month_label":"Jul 2023","spy_iv_pct":12.6,"window_high_pct":27.9},{"month":"2023-08-01","month_label":"Aug 2023","spy_iv_pct":14.3,"window_high_pct":27.9},{"month":"2023-09-01","month_label":"Sep 2023","spy_iv_pct":13.8,"window_high_pct":27.9},{"month":"2023-10-01","month_label":"Oct 2023","spy_iv_pct":16.9,"window_high_pct":27.9},{"month":"2023-11-01","month_label":"Nov 2023","spy_iv_pct":13.2,"window_high_pct":27.9},{"month":"2023-12-01","month_label":"Dec 2023","spy_iv_pct":12,"window_high_pct":27.9},{"month":"2024-01-01","month_label":"Jan 2024","spy_iv_pct":12.2,"window_high_pct":27.9},{"month":"2024-02-01","month_label":"Feb 2024","spy_iv_pct":12.2,"window_high_pct":27.9},{"month":"2024-03-01","month_label":"Mar 2024","spy_iv_pct":12.3,"window_high_pct":27.9},{"month":"2024-04-01","month_label":"Apr 2024","spy_iv_pct":14.5,"window_high_pct":27.9},{"month":"2024-05-01","month_label":"May 2024","spy_iv_pct":12.1,"window_high_pct":27.9},{"month":"2024-06-01","month_label":"Jun 2024","spy_iv_pct":11.9,"window_high_pct":27.9},{"month":"2024-07-01","month_label":"Jul 2024","spy_iv_pct":12.9,"window_high_pct":27.9},{"month":"2024-08-01","month_label":"Aug 2024","spy_iv_pct":15.4,"window_high_pct":27.9},{"month":"2024-09-01","month_label":"Sep 2024","spy_iv_pct":14.9,"window_high_pct":27.9},{"month":"2024-10-01","month_label":"Oct 2024","spy_iv_pct":16.3,"window_high_pct":27.9},{"month":"2024-11-01","month_label":"Nov 2024","spy_iv_pct":13.4,"window_high_pct":27.9},{"month":"2024-12-01","month_label":"Dec 2024","spy_iv_pct":12.3,"window_high_pct":27.9},{"month":"2025-01-01","month_label":"Jan 2025","spy_iv_pct":14.2,"window_high_pct":27.9},{"month":"2025-02-01","month_label":"Feb 2025","spy_iv_pct":13.7,"window_high_pct":27.9},{"month":"2025-03-01","month_label":"Mar 2025","spy_iv_pct":18.8,"window_high_pct":27.9},{"month":"2025-04-01","month_label":"Apr 2025","spy_iv_pct":25.9,"window_high_pct":27.9},{"month":"2025-05-01","month_label":"May 2025","spy_iv_pct":18.2,"window_high_pct":27.9},{"month":"2025-06-01","month_label":"Jun 2025","spy_iv_pct":15.7,"window_high_pct":27.9},{"month":"2025-07-01","month_label":"Jul 2025","spy_iv_pct":14.8,"window_high_pct":27.9},{"month":"2025-08-01","month_label":"Aug 2025","spy_iv_pct":13.5,"window_high_pct":27.9},{"month":"2025-09-01","month_label":"Sep 2025","spy_iv_pct":13.5,"window_high_pct":27.9},{"month":"2025-10-01","month_label":"Oct 2025","spy_iv_pct":15.3,"window_high_pct":27.9},{"month":"2025-11-01","month_label":"Nov 2025","spy_iv_pct":16.3,"window_high_pct":27.9},{"month":"2025-12-01","month_label":"Dec 2025","spy_iv_pct":13.3,"window_high_pct":27.9},{"month":"2026-01-01","month_label":"Jan 2026","spy_iv_pct":13.8,"window_high_pct":27.9},{"month":"2026-02-01","month_label":"Feb 2026","spy_iv_pct":16.2,"window_high_pct":27.9},{"month":"2026-03-01","month_label":"Mar 2026","spy_iv_pct":20.9,"window_high_pct":27.9},{"month":"2026-04-01","month_label":"Apr 2026","spy_iv_pct":16.9,"window_high_pct":27.9},{"month":"2026-05-01","month_label":"May 2026","spy_iv_pct":15.4,"window_high_pct":27.9},{"month":"2026-06-01","month_label":"Jun 2026","spy_iv_pct":15.4,"window_high_pct":27.9},{"month":"2026-07-01","month_label":"Jul 2026","spy_iv_pct":14.6,"window_high_pct":27.9},{"month":"2026-08-01","month_label":"Aug 2026","spy_iv_pct":13.1,"window_high_pct":27.9},{"month":"2026-09-01","month_label":"Sep 2026","spy_iv_pct":13.3,"window_high_pct":27.9}],"shape":"series","sql":"SELECT\n    month,\n    month_label,\n    spy_iv_pct,\n    round(max(spy_iv_pct) OVER (), 1) AS window_high_pct\nFROM\n(\n    SELECT\n        toStartOfMonth(date)                        AS month_start,\n        toString(toStartOfMonth(date))              AS month,\n        formatDateTime(toStartOfMonth(date), '%b %Y') AS month_label,\n        round(100 * quantileDeterministic(0.5)(toFloat64(implied_volatility), cityHash64(ticker)), 1) AS spy_iv_pct\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND iv_converged = 1\n      AND volume > 0\n      AND days_to_expiry BETWEEN 20 AND 45\n      AND toFloat64(underlying_close) > 0\n      AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\n      AND date >= toDate('2021-09-01')\n    GROUP BY month_start, month, month_label\n)\nORDER BY month_start","computed_at":"2026-09-22T14:58:02.697298+00:00","elapsed":0.003266979}