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IGV options analytics

IGV · ETF

Data as of 23 September 2026 (end of day)

IGV options are pricing a 30-day at-the-money volatility of 31.0%, a move of about ±8.9% over the next month. Its history here is 5 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 2.96 volatility points more than the calls.

Longer-dated options carry more: 90-day volatility is 6% above 30-day.

Current readings

30-day ATM implied volatilityⓘ
30.96%

Prices a move of about ±8.9% over 30 days, or ±2.0% on a typical day.

25-delta risk reversalⓘ
+2.96

Puts carry 2.96 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+0.64

The wings carry 0.64 volatility points more than at-the-money.

Term structure slopeⓘ
1.060

90-day volatility is 6% above 30-day.

Where 30-day implied volatility sits

Against 5 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$108.10
30-day implied forward
$108.33
60-day ATM IV
32.32%
90-day ATM IV
32.83%
180-day ATM IV
32.64%
Expirations used
15
Total open interest
987,599
Put / call open interest
1.76

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 5 sessions

28%29%30%31%32%33%2026-09-17 — 30-day ATM IV 30%2026-09-18 — 30-day ATM IV 30%2026-09-21 — 30-day ATM IV 32%2026-09-22 — 30-day ATM IV 30%2026-09-23 — 30-day ATM IV 31%17 Sep18 Sep21 Sep22 Sep23 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2330.96%+2.961.060$108.10
2026-09-2230.44%+0.701.074$106.75
2026-09-2131.92%-0.551.010$107.13
2026-09-1829.51%+0.701.031$104.35
2026-09-1730.29%+1.691.013$105.78

The chart covers every session in the archive, 5 in total. The table lists the most recent 5.

25-delta risk reversal

Last 5 sessions

-1.00.01.02.03.04.02026-09-17 — 25-delta RR (volatility points) 1.72026-09-18 — 25-delta RR (volatility points) 0.72026-09-21 — 25-delta RR (volatility points) -0.62026-09-22 — 25-delta RR (volatility points) 0.72026-09-23 — 25-delta RR (volatility points) 3.017 Sep18 Sep21 Sep22 Sep23 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

2d (2026-09-25) · 9d (2026-10-02) · 16d (2026-10-09)

30%32%34%36%38%40%42%2026-09-25 (2d) — 5Δ C — IV 39.96%2026-09-25 (2d) — 10Δ C — IV 38.19%2026-09-25 (2d) — 15Δ C — IV 37.87%2026-09-25 (2d) — 20Δ C — IV 37.55%2026-09-25 (2d) — 25Δ C — IV 37.28%2026-09-25 (2d) — 30Δ C — IV 37.29%2026-09-25 (2d) — 35Δ C — IV 37.44%2026-09-25 (2d) — 40Δ C — IV 37.60%2026-09-25 (2d) — 45Δ C — IV 37.81%2026-09-25 (2d) — ATM — IV 37.97%2026-09-25 (2d) — 45Δ P — IV 37.76%2026-09-25 (2d) — 40Δ P — IV 36.94%2026-09-25 (2d) — 35Δ P — IV 36.40%2026-09-25 (2d) — 30Δ P — IV 36.52%2026-09-25 (2d) — 25Δ P — IV 36.78%2026-09-25 (2d) — 20Δ P — IV 36.97%2026-09-25 (2d) — 15Δ P — IV 37.17%2026-09-25 (2d) — 10Δ P — IV 37.69%2026-09-25 (2d) — 5Δ P — IV 38.32%2d2026-10-02 (9d) — 15Δ C — IV 32.40%2026-10-02 (9d) — 20Δ C — IV 32.58%2026-10-02 (9d) — 25Δ C — IV 32.77%2026-10-02 (9d) — 30Δ C — IV 32.71%2026-10-02 (9d) — 35Δ C — IV 32.86%2026-10-02 (9d) — 40Δ C — IV 32.86%2026-10-02 (9d) — 45Δ C — IV 32.64%2026-10-02 (9d) — ATM — IV 32.65%2026-10-02 (9d) — 45Δ P — IV 32.39%2026-10-02 (9d) — 40Δ P — IV 32.11%2026-10-02 (9d) — 35Δ P — IV 32.53%2026-10-02 (9d) — 30Δ P — IV 32.51%2026-10-02 (9d) — 25Δ P — IV 33.03%2026-10-02 (9d) — 20Δ P — IV 33.44%2026-10-02 (9d) — 15Δ P — IV 35.05%9d2026-10-09 (16d) — 20Δ C — IV 31.16%2026-10-09 (16d) — 25Δ C — IV 31.08%2026-10-09 (16d) — 30Δ C — IV 31.43%2026-10-09 (16d) — 35Δ C — IV 31.10%2026-10-09 (16d) — 40Δ C — IV 31.22%2026-10-09 (16d) — 45Δ C — IV 31.46%2026-10-09 (16d) — ATM — IV 31.99%2026-10-09 (16d) — 45Δ P — IV 31.99%2026-10-09 (16d) — 40Δ P — IV 31.96%2026-10-09 (16d) — 35Δ P — IV 32.03%2026-10-09 (16d) — 30Δ P — IV 33.19%2026-10-09 (16d) — 25Δ P — IV 34.15%2026-10-09 (16d) — 20Δ P — IV 33.77%2026-10-09 (16d) — 15Δ P — IV 34.43%2026-10-09 (16d) — 10Δ P — IV 34.87%2026-10-09 (16d) — 5Δ P — IV 35.33%16d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta2d9d16d
5Δ call39.96%——
10Δ call38.19%——
15Δ call37.87%32.40%—
20Δ call37.55%32.58%31.16%
25Δ call37.28%32.77%31.08%
30Δ call37.29%32.71%31.43%
35Δ call37.44%32.86%31.10%
40Δ call37.60%32.86%31.22%
45Δ call37.81%32.64%31.46%
ATM37.97%32.65%31.99%
45Δ put37.76%32.39%31.99%
40Δ put36.94%32.11%31.96%
35Δ put36.40%32.53%32.03%
30Δ put36.52%32.51%33.19%
25Δ put36.78%33.03%34.15%
20Δ put36.97%33.44%33.77%
15Δ put37.17%35.05%34.43%
10Δ put37.69%—34.87%
5Δ put38.32%—35.33%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-09-252$108.1037.97%36.78%37.28%-0.50-0.9514
2026-10-029$108.0932.65%33.03%32.77%+0.26+0.2619
2026-10-0916$108.2031.99%34.15%31.08%+3.06+0.6317
2026-10-1623$108.3331.12%31.49%31.46%+0.03+0.3531
2026-10-2330$108.3330.96%33.08%30.12%+2.96+0.6423
2026-10-3037$108.4831.67%31.56%31.48%+0.08-0.1525
2026-11-2058$108.8032.22%33.54%32.15%+1.39+0.6232
2026-12-1886$108.7733.15%32.33%32.14%+0.19-0.9234
2027-01-15114$108.9231.35%32.18%32.01%+0.17+0.7543
2027-02-19149$109.3432.31%32.64%31.63%+1.01-0.1830
2027-03-19177$109.6432.72%33.08%31.45%+1.64-0.4540
2027-05-21240$110.6131.51%33.94%31.56%+2.38+1.2415
2027-06-17267$111.0831.33%33.98%31.30%+2.68+1.3145
2027-07-16296$111.1132.52%33.80%31.50%+2.31+0.1318
2027-09-17359$111.5833.05%33.82%31.85%+1.98-0.2119

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

15 listed expirations produced a usable reading

30%32%34%36%38%40%2026-09-25 — 2 days — at-the-money IV 37.97%2026-10-02 — 9 days — at-the-money IV 32.65%2026-10-09 — 16 days — at-the-money IV 31.99%2026-10-16 — 23 days — at-the-money IV 31.12%2026-10-23 — 30 days — at-the-money IV 30.96%2026-10-30 — 37 days — at-the-money IV 31.67%2026-11-20 — 58 days — at-the-money IV 32.22%2026-12-18 — 86 days — at-the-money IV 33.15%2027-01-15 — 114 days — at-the-money IV 31.35%2027-02-19 — 149 days — at-the-money IV 32.31%2027-03-19 — 177 days — at-the-money IV 32.72%2027-05-21 — 240 days — at-the-money IV 31.51%2027-06-17 — 267 days — at-the-money IV 31.33%2027-07-16 — 296 days — at-the-money IV 32.52%2027-09-17 — 359 days — at-the-money IV 33.05%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-09-252 days$108.1037.97%$108.1414
2026-10-029 days$108.0932.65%$108.2319
2026-10-0916 days$108.2031.99%$108.4417
2026-10-1623 days$108.3331.12%$108.6631
2026-10-2330 days$108.3330.96%$108.7523
2026-10-3037 days$108.4831.67%$109.0325
2026-11-2058 days$108.8032.22%$109.7032
2026-12-1886 days$108.7733.15%$110.1934
2027-01-15114 days$108.9231.35%$110.6143
2027-02-19149 days$109.3432.31%$111.6930
2027-03-19177 days$109.6432.72%$112.5340
2027-05-21240 days$110.6131.51%$114.2815
2027-06-17267 days$111.0831.33%$115.1445
2027-07-16296 days$111.1132.52%$115.9818
2027-09-17359 days$111.5833.05%$117.7419

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
30.96%
60 days
32.32%
90 days
32.83%
180 days
32.64%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 5 sessions

0.981.001.021.041.061.082026-09-17 — 90-day over 30-day 1.012026-09-18 — 90-day over 30-day 1.032026-09-21 — 90-day over 30-day 1.012026-09-22 — 90-day over 30-day 1.072026-09-23 — 90-day over 30-day 1.0617 Sep18 Sep21 Sep22 Sep23 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.