{"slug":"why-vix-options-dont-track-the-vix","qid":"front_vs_back","label":"Near-dated versus long-dated SPY implied volatility, session by session","post_title":"Why VIX Options Don't Track the VIX","post_url":"/blog/why-vix-options-dont-track-the-vix#q-front_vs_back","columns":["session_date","front_iv_pct","back_iv_pct"],"rows":[{"session_date":"2026-04-24","front_iv_pct":16.14,"back_iv_pct":18.38},{"session_date":"2026-04-27","front_iv_pct":15.73,"back_iv_pct":18},{"session_date":"2026-04-28","front_iv_pct":15.68,"back_iv_pct":18.06},{"session_date":"2026-04-29","front_iv_pct":15.75,"back_iv_pct":17.96},{"session_date":"2026-04-30","front_iv_pct":14.34,"back_iv_pct":17.76},{"session_date":"2026-05-01","front_iv_pct":14.91,"back_iv_pct":17.9},{"session_date":"2026-05-04","front_iv_pct":16.1,"back_iv_pct":18.21},{"session_date":"2026-05-05","front_iv_pct":14.11,"back_iv_pct":17.73},{"session_date":"2026-05-06","front_iv_pct":15.38,"back_iv_pct":18.04},{"session_date":"2026-05-07","front_iv_pct":15.16,"back_iv_pct":18.14},{"session_date":"2026-05-08","front_iv_pct":14.47,"back_iv_pct":17.87},{"session_date":"2026-05-11","front_iv_pct":16.23,"back_iv_pct":18.12},{"session_date":"2026-05-12","front_iv_pct":15.63,"back_iv_pct":18.09},{"session_date":"2026-05-13","front_iv_pct":15.15,"back_iv_pct":17.89},{"session_date":"2026-05-14","front_iv_pct":15.16,"back_iv_pct":18.13},{"session_date":"2026-05-15","front_iv_pct":16.14,"back_iv_pct":18.4},{"session_date":"2026-05-18","front_iv_pct":15.46,"back_iv_pct":17.68},{"session_date":"2026-05-19","front_iv_pct":15.73,"back_iv_pct":17.86},{"session_date":"2026-05-20","front_iv_pct":15.67,"back_iv_pct":17.89},{"session_date":"2026-05-21","front_iv_pct":13.81,"back_iv_pct":17.29},{"session_date":"2026-05-22","front_iv_pct":14.99,"back_iv_pct":17.81},{"session_date":"2026-05-26","front_iv_pct":14,"back_iv_pct":17.61},{"session_date":"2026-05-27","front_iv_pct":13.75,"back_iv_pct":17.6},{"session_date":"2026-05-28","front_iv_pct":13.02,"back_iv_pct":17.34},{"session_date":"2026-05-29","front_iv_pct":13.14,"back_iv_pct":17.39},{"session_date":"2026-06-01","front_iv_pct":14.05,"back_iv_pct":17.63},{"session_date":"2026-06-02","front_iv_pct":12.92,"back_iv_pct":17.47},{"session_date":"2026-06-03","front_iv_pct":14.93,"back_iv_pct":18.06},{"session_date":"2026-06-04","front_iv_pct":13.67,"back_iv_pct":17.87},{"session_date":"2026-06-05","front_iv_pct":19.33,"back_iv_pct":18.68},{"session_date":"2026-06-08","front_iv_pct":17.42,"back_iv_pct":18.09},{"session_date":"2026-06-09","front_iv_pct":18.74,"back_iv_pct":18.34},{"session_date":"2026-06-10","front_iv_pct":20.66,"back_iv_pct":19.61},{"session_date":"2026-06-11","front_iv_pct":18.15,"back_iv_pct":18.28},{"session_date":"2026-06-12","front_iv_pct":15.26,"back_iv_pct":18.02},{"session_date":"2026-06-15","front_iv_pct":14.08,"back_iv_pct":17.47},{"session_date":"2026-06-16","front_iv_pct":14.21,"back_iv_pct":17.43},{"session_date":"2026-06-17","front_iv_pct":16.71,"back_iv_pct":17.38},{"session_date":"2026-06-18","front_iv_pct":13.87,"back_iv_pct":17.6},{"session_date":"2026-06-22","front_iv_pct":15.57,"back_iv_pct":17.7},{"session_date":"2026-06-23","front_iv_pct":17.57,"back_iv_pct":18.27},{"session_date":"2026-06-24","front_iv_pct":17.06,"back_iv_pct":17.81},{"session_date":"2026-06-25","front_iv_pct":16.52,"back_iv_pct":18.07},{"session_date":"2026-06-26","front_iv_pct":15.53,"back_iv_pct":18.08},{"session_date":"2026-06-29","front_iv_pct":14.65,"back_iv_pct":17.42},{"session_date":"2026-06-30","front_iv_pct":13.25,"back_iv_pct":17.22},{"session_date":"2026-07-01","front_iv_pct":13.6,"back_iv_pct":17.28},{"session_date":"2026-07-02","front_iv_pct":12.77,"back_iv_pct":17.04},{"session_date":"2026-07-06","front_iv_pct":12.52,"back_iv_pct":17.17},{"session_date":"2026-07-07","front_iv_pct":13.35,"back_iv_pct":17.36},{"session_date":"2026-07-08","front_iv_pct":13.59,"back_iv_pct":17.25},{"session_date":"2026-07-09","front_iv_pct":12.67,"back_iv_pct":17.12},{"session_date":"2026-07-10","front_iv_pct":12.11,"back_iv_pct":16.93},{"session_date":"2026-07-13","front_iv_pct":14.86,"back_iv_pct":17.36},{"session_date":"2026-07-14","front_iv_pct":12.84,"back_iv_pct":17.02},{"session_date":"2026-07-15","front_iv_pct":12.41,"back_iv_pct":16.84},{"session_date":"2026-07-16","front_iv_pct":14.51,"back_iv_pct":17.34},{"session_date":"2026-07-17","front_iv_pct":15.46,"back_iv_pct":17.77},{"session_date":"2026-07-20","front_iv_pct":15.69,"back_iv_pct":17.51},{"session_date":"2026-07-21","front_iv_pct":14.03,"back_iv_pct":17.07},{"session_date":"2026-07-22","front_iv_pct":14.42,"back_iv_pct":17.46},{"session_date":"2026-07-23","front_iv_pct":16.44,"back_iv_pct":17.86},{"session_date":"2026-07-24","front_iv_pct":15.87,"back_iv_pct":17.69},{"session_date":"2026-07-27","front_iv_pct":16.85,"back_iv_pct":17.39},{"session_date":"2026-07-28","front_iv_pct":15.37,"back_iv_pct":16.88},{"session_date":"2026-07-29","front_iv_pct":17.54,"back_iv_pct":17.77},{"session_date":"2026-07-30","front_iv_pct":14.47,"back_iv_pct":16.73},{"session_date":"2026-07-31","front_iv_pct":13.73,"back_iv_pct":16.63},{"session_date":"2026-08-03","front_iv_pct":13.05,"back_iv_pct":16.45},{"session_date":"2026-08-04","front_iv_pct":14.21,"back_iv_pct":16.79},{"session_date":"2026-08-05","front_iv_pct":13.94,"back_iv_pct":16.88},{"session_date":"2026-08-06","front_iv_pct":12.9,"back_iv_pct":16.51},{"session_date":"2026-08-07","front_iv_pct":12.06,"back_iv_pct":16.52},{"session_date":"2026-08-10","front_iv_pct":13.04,"back_iv_pct":16.71},{"session_date":"2026-08-11","front_iv_pct":12.7,"back_iv_pct":16.66},{"session_date":"2026-08-12","front_iv_pct":12.22,"back_iv_pct":16.49},{"session_date":"2026-08-13","front_iv_pct":11.81,"back_iv_pct":16.56},{"session_date":"2026-08-14","front_iv_pct":11.38,"back_iv_pct":16.43},{"session_date":"2026-08-17","front_iv_pct":12.27,"back_iv_pct":16.75},{"session_date":"2026-08-18","front_iv_pct":12.92,"back_iv_pct":16.63},{"session_date":"2026-08-19","front_iv_pct":12.33,"back_iv_pct":16.51}],"shape":"series","sql":"SELECT\n    toString(date)                                                                AS session_date,\n    round(avgIf(implied_volatility, days_to_expiry BETWEEN 7 AND 30) * 100, 2)    AS front_iv_pct,\n    round(avgIf(implied_volatility, days_to_expiry BETWEEN 150 AND 300) * 100, 2) AS back_iv_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'SPY'\n  AND iv_converged = 1\n  AND volume > 0\n  AND (days_to_expiry BETWEEN 7 AND 30 OR days_to_expiry BETWEEN 150 AND 300)\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\n  AND date >= today() - 120\nGROUP BY date\nHAVING countIf(days_to_expiry BETWEEN 7 AND 30) > 0\n   AND countIf(days_to_expiry BETWEEN 150 AND 300) > 0\nORDER BY date","computed_at":"2026-08-22T04:37:24.525200+00:00","elapsed":0.181575841}