ETF · 期权分析
KRE 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $73.09
- 30D ATM IV
- 22.57%
- IV 百分位 · 1年
- —
- 25Δ 风险逆转
- +4.72
- 期限斜率 90/30
- 0.997
▼ -1.17 pts 较前一交易日
概览
KRE 期权当前计入的 30 天平值隐含波动率为 22.6%,相当于未来一个月约 ±6.5% 的波动。它在本站的历史只有 338 个交易日,不到计算百分位所需的 180 个,所以这个读数还没有和它自己的过去作比较。
它的 25-delta put 比 call 的隐含波动率高 4.72 个波动率点。
01 · 读数
当前读数
最近一个交易日的 30 天曲面,每个读数都放在它自身的历史里比较。
主要读数 · 30 天期限
- 30 天 ATM 隐含波动率ⓘ
- 22.57%
- 25-delta 风险逆转ⓘ
- +4.72
- 25-delta 蝶式价差ⓘ
- +0.95
- 期限结构斜率ⓘ
- 0.997
对应 30 天内约 ±6.5% 的波动，平常一天约 ±1.4%。
距平值同样远时，put 比 call的隐含波动率高 4.72 个点。
两翼的隐含波动率比平值高 0.95 个点。
90 天与 30 天期权的隐含波动率大致相同。
30 天隐含波动率处在什么位置
对比此前 50 个交易日(一年窗口)
这个窗口内的历史不足,无法定位当前读数。
- IV 百分位,1 年
- —
- IV 排名,1 年
- —
- IV 百分位,2 年
- —
- IV 排名,2 年
- —
排名是当前读数在窗口内最低与最高读数之间的位置,所以过去只要有一个极端值,之后的读数都会被压在一端附近。百分位是低于当前读数的交易日所占的比例,不受那个极端值有多极端的影响。窗口内少于 180 个交易日时,两者都不显示。
交易日明细
- 标的收盘价
- $73.09
- 30 天隐含远期价
- $73.42
- 60 天 ATM IV
- 22.60%
- 90 天 ATM IV
- 22.51%
- 180 天 ATM IV
- 23.38%
- 使用的到期日数
- 15
- 总未平仓量
- 1,713,888
- Put / call 未平仓量比
- 2.98
远期价由最接近平值的几个行权价上的 put-call 平价关系推出,而不是直接取标的收盘价。本页所有的价值状态(moneyness)和 delta 都以它为基准。
02 · 历史
读数是怎么走到这里的
存档窗口内的每个交易日,每次收盘一个点。
30 天平值隐含波动率
最近 338 个交易日
显示底层数据(最近 120 个)
| 交易日 | 30 天 ATM IV | 25-delta RR | 期限斜率 | 收盘价 |
|---|---|---|---|---|
| 2026-11-10 | 22.57% | +4.72 | 0.997 | $73.09 |
| 2026-11-09 | 23.74% | +3.61 | 0.962 | $73.45 |
| 2026-11-06 | 27.82% | +5.38 | 0.888 | $72.20 |
| 2026-11-05 | 29.43% | +4.91 | 0.891 | $72.31 |
| 2026-11-04 | 23.77% | +4.58 | 0.975 | $74.13 |
| 2026-11-03 | 25.60% | +3.83 | 0.984 | $72.88 |
| 2026-11-02 | 28.25% | +4.81 | 0.912 | $73.73 |
| 2026-10-30 | 25.83% | +4.90 | 0.968 | $72.01 |
| 2026-10-29 | 22.50% | +3.50 | 1.042 | $72.86 |
| 2026-10-28 | 24.03% | +2.97 | 0.953 | $72.11 |
| 2026-10-27 | 23.38% | +3.74 | 1.025 | $72.58 |
| 2026-10-26 | 24.13% | +3.27 | 1.001 | $72.73 |
| 2026-10-23 | 25.33% | +3.18 | 0.956 | $72.46 |
| 2026-10-22 | 24.49% | +3.77 | 0.964 | $72.41 |
| 2026-10-21 | 24.34% | +3.20 | 0.972 | $70.62 |
| 2026-10-20 | 24.07% | +4.23 | 0.998 | $70.62 |
| 2026-10-19 | 24.94% | +3.01 | 0.967 | $69.26 |
| 2026-10-16 | 24.77% | +2.20 | 0.990 | $69.81 |
| 2026-10-15 | 23.61% | +2.65 | 1.028 | $69.75 |
| 2026-10-14 | 24.79% | +2.38 | 0.985 | $68.54 |
| 2026-10-13 | 24.68% | +2.86 | 0.973 | $69.06 |
| 2026-10-09 | 24.94% | +4.41 | 1.018 | $69.01 |
| 2026-10-08 | 26.45% | +3.82 | 0.981 | $69.59 |
| 2026-10-07 | 26.38% | +3.84 | 0.968 | $68.89 |
| 2026-10-06 | 23.99% | +2.14 | 0.997 | $70.07 |
| 2026-10-05 | 24.64% | +2.50 | 0.992 | $70.39 |
| 2026-10-02 | 25.82% | +2.43 | 0.957 | $70.78 |
| 2026-10-01 | 27.80% | +3.35 | 0.948 | $69.95 |
| 2026-09-30 | 26.79% | +3.25 | 0.900 | $69.44 |
| 2026-09-29 | 25.06% | +1.96 | 0.962 | $69.83 |
| 2026-09-28 | 23.61% | +1.64 | 1.006 | $70.55 |
| 2026-09-25 | 22.83% | +2.82 | 1.001 | $71.55 |
| 2026-09-24 | 23.12% | +2.94 | 1.020 | $70.94 |
| 2026-09-23 | 23.13% | +0.84 | 1.009 | $70.38 |
| 2026-09-22 | 22.49% | +2.00 | 1.025 | $71.19 |
| 2026-09-21 | 21.96% | +1.56 | 1.051 | $71.99 |
| 2026-09-18 | 21.51% | +2.22 | 1.057 | $72.75 |
| 2026-09-17 | 22.14% | +1.30 | 1.054 | $72.74 |
| 2026-09-16 | 24.87% | +3.43 | 0.997 | $72.74 |
| 2026-09-15 | — | — | — | $74.05 |
| 2026-09-14 | — | — | — | $74.11 |
| 2026-09-11 | — | — | — | $73.90 |
| 2026-09-10 | — | — | — | $73.81 |
| 2026-09-09 | — | — | — | $73.45 |
| 2026-09-08 | — | — | — | $74.31 |
| 2026-09-04 | — | — | — | $75.27 |
| 2026-09-03 | — | — | — | $74.87 |
| 2026-09-02 | — | — | — | $74.24 |
| 2026-09-01 | — | — | — | $72.62 |
| 2026-08-31 | — | — | — | $73.56 |
| 2026-08-28 | — | — | — | $74.30 |
| 2026-08-27 | — | — | — | $74.35 |
| 2026-08-26 | — | — | — | $74.58 |
| 2026-08-25 | — | — | — | $74.33 |
| 2026-08-24 | — | — | — | $74.76 |
| 2025-10-22 | — | — | — | $60.44 |
| 2025-10-21 | — | — | — | $60.63 |
| 2025-10-20 | — | — | — | $60.54 |
| 2025-10-17 | 37.23% | +7.49 | 0.838 | $59.07 |
| 2025-10-16 | — | — | — | $58.14 |
| 2025-10-15 | — | — | — | $61.98 |
| 2025-10-14 | — | — | — | $63.41 |
| 2025-10-10 | — | — | — | $60.19 |
| 2025-10-09 | — | — | — | $62.95 |
| 2025-10-08 | 29.82% | +2.21 | 0.915 | $63.24 |
| 2025-10-07 | — | — | — | $63.63 |
| 2025-10-06 | 30.04% | +3.74 | 0.937 | $64.09 |
| 2025-10-03 | — | — | — | $63.45 |
| 2025-10-02 | 27.54% | +4.74 | 1.036 | $62.82 |
| 2025-10-01 | — | — | — | $62.97 |
| 2025-09-30 | — | — | — | $63.30 |
| 2025-09-29 | 28.04% | +3.13 | 0.950 | $63.57 |
| 2025-09-26 | — | — | — | $64.19 |
| 2025-09-25 | — | — | — | $63.89 |
| 2025-09-24 | — | — | — | $63.93 |
| 2025-09-23 | — | — | — | $64.06 |
| 2025-09-22 | — | — | — | $64.14 |
| 2025-09-19 | 29.03% | +1.93 | 0.950 | $65.34 |
| 2025-09-18 | — | — | — | $66.17 |
| 2025-09-17 | — | — | — | $64.45 |
| 2025-09-16 | — | — | — | $63.69 |
| 2025-09-15 | — | — | — | $64.36 |
| 2025-09-12 | — | — | — | $64.99 |
| 2025-09-11 | — | — | — | $65.21 |
| 2025-09-10 | — | — | — | $64.92 |
| 2025-09-09 | — | — | — | $64.85 |
| 2025-09-08 | — | — | — | $65.52 |
| 2025-09-05 | — | — | — | $65.45 |
| 2025-09-04 | — | — | — | $66.13 |
| 2025-09-03 | — | — | — | $65.17 |
| 2025-09-02 | — | — | — | $65.08 |
| 2025-08-29 | — | — | — | $65.51 |
| 2025-08-28 | — | — | — | $65.52 |
| 2025-08-27 | — | — | — | $65.75 |
| 2025-08-26 | — | — | — | $65.23 |
| 2025-08-25 | — | — | — | $64.49 |
| 2025-08-22 | — | — | — | $64.84 |
| 2025-08-21 | — | — | — | $61.79 |
| 2025-08-20 | — | — | — | $62.04 |
| 2025-08-19 | — | — | — | $61.82 |
| 2025-08-18 | — | — | — | $61.93 |
| 2025-08-15 | — | — | — | $61.59 |
| 2025-08-14 | — | — | — | $62.60 |
| 2025-08-13 | — | — | — | $62.64 |
| 2025-08-12 | — | — | — | $61.54 |
| 2025-08-11 | — | — | — | $59.40 |
| 2025-08-08 | 25.84% | +2.98 | 1.033 | $59.56 |
| 2025-08-07 | — | — | — | $58.85 |
| 2025-08-06 | — | — | — | $59.37 |
| 2025-08-05 | — | — | — | $59.85 |
| 2025-08-04 | — | — | — | $59.65 |
| 2025-08-01 | — | — | — | $58.82 |
| 2025-07-31 | 27.11% | +4.89 | 1.009 | $60.06 |
| 2025-07-30 | — | — | — | $60.79 |
| 2025-07-29 | — | — | — | $61.58 |
| 2025-07-28 | 23.47% | +2.97 | 1.003 | $61.88 |
| 2025-07-25 | — | — | — | $61.93 |
| 2025-07-24 | — | — | — | $62.18 |
| 2025-07-23 | — | — | — | $63.36 |
| 2025-07-22 | — | — | — | $63.36 |
图表覆盖存档中的全部交易日,共 338 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 338 个交易日
虚线标出零的位置,即 25-delta put 与 call 隐含波动率相同之处。
03 · 偏斜
偏斜曲线
按 delta 排列的隐含波动率,近月到期日
按 delta 排列的隐含波动率
3d (2026-11-13) · 10d (2026-11-20) · 17d (2026-11-27)
横轴是 call 的 delta。虚线中线右侧的读数取自该行权价上的虚值 put,波动率正是从这个合约的报价反解出来的。只有在保留下来的报价从两侧夹住该 delta 时才会画点;最后一个有成交的行权价之外一律不外推。
显示底层数据
| Delta | 3d | 10d | 17d |
|---|---|---|---|
| 5Δ 看涨 | 26.78% | 23.34% | — |
| 10Δ 看涨 | 25.76% | 22.86% | 21.97% |
| 15Δ 看涨 | 24.51% | 22.85% | 21.41% |
| 20Δ 看涨 | 25.10% | 23.22% | 21.51% |
| 25Δ 看涨 | 25.56% | 22.93% | 21.60% |
| 30Δ 看涨 | 25.90% | 22.93% | 21.91% |
| 35Δ 看涨 | 25.93% | 23.22% | 22.30% |
| 40Δ 看涨 | 25.86% | 23.44% | 22.48% |
| 45Δ 看涨 | 25.89% | 22.84% | 22.73% |
| ATM | 26.24% | 22.90% | 23.48% |
| 45Δ 看跌 | 26.69% | 23.35% | 24.51% |
| 40Δ 看跌 | 27.20% | 24.06% | 24.16% |
| 35Δ 看跌 | 27.66% | 24.81% | 24.75% |
| 30Δ 看跌 | 27.91% | 24.80% | 25.31% |
| 25Δ 看跌 | 28.22% | 25.69% | 27.25% |
| 20Δ 看跌 | 28.93% | 26.41% | 27.35% |
| 15Δ 看跌 | 29.53% | 28.26% | 29.26% |
| 10Δ 看跌 | 31.35% | 29.44% | 31.68% |
| 5Δ 看跌 | 42.47% | 33.69% | 36.15% |
各到期日的两翼读数
| 到期日 | 天数 | 远期价 | ATM IV | 25Δ put | 25Δ call | RR | 蝶式价差 | 报价数 |
|---|---|---|---|---|---|---|---|---|
| 2026-11-13 | 3 | $73.18 | 26.24% | 28.22% | 25.56% | +2.66 | +0.65 | 15 |
| 2026-11-20 | 10 | $73.21 | 22.90% | 25.69% | 22.93% | +2.77 | +1.41 | 24 |
| 2026-11-27 | 17 | $73.30 | 23.48% | 27.25% | 21.60% | +5.65 | +0.94 | 20 |
| 2026-12-04 | 24 | $73.39 | 23.33% | 26.33% | 21.74% | +4.59 | +0.70 | 21 |
| 2026-12-11 | 31 | $73.43 | 22.47% | 25.83% | 21.09% | +4.74 | +0.99 | 14 |
| 2026-12-18 | 38 | $73.45 | 23.48% | 26.01% | 22.28% | +3.73 | +0.66 | 22 |
| 2026-12-24 | 44 | $73.08 | 24.29% | 26.53% | 23.31% | +3.22 | +0.63 | 10 |
| 2026-12-31 | 51 | $73.20 | 23.47% | 26.08% | 21.92% | +4.16 | +0.53 | 14 |
| 2027-01-15 | 66 | $73.33 | 22.14% | 25.75% | 21.35% | +4.40 | +1.40 | 25 |
| 2027-03-19 | 129 | $73.77 | 22.81% | 25.20% | 21.62% | +3.58 | +0.60 | 29 |
| 2027-03-31 | 141 | $73.64 | 23.10% | 25.77% | 21.74% | +4.03 | +0.65 | 28 |
| 2027-05-21 | 192 | $73.98 | 23.44% | 26.02% | 22.24% | +3.78 | +0.69 | 12 |
| 2027-06-17 | 219 | $74.23 | 23.57% | 25.50% | 22.16% | +3.34 | +0.26 | 43 |
| 2027-06-30 | 232 | $74.15 | 23.47% | 25.62% | 22.18% | +3.44 | +0.42 | 31 |
| 2027-09-17 | 311 | $74.64 | 24.20% | 26.35% | 22.66% | +3.69 | +0.31 | 15 |
上面每条曲线代表一个到期日。纵向位置是隐含波动率,横向位置是读数所取合约的 delta。对美股来说,曲线通常向右上方倾斜,也就是虚值 put 的隐含波动率高于距离相同的 call。
25-delta 风险逆转把这个斜率概括成一个数字:25-delta put 的波动率减去 25-delta call 的波动率。蝶式价差(butterfly)概括的是弯曲程度:两翼的平均值减去平值读数。
04 · 期限结构
期限结构
各到期日的平值隐含波动率
各到期日的平值隐含波动率
15 个上市到期日得出了可用读数
横轴是距到期天数的平方根,这是波动率本身所在的尺度。按方差计算平坦的曲线,在这里会画成一条直线,而不会在最近一周急剧弯折。
显示底层数据
| 到期日 | 天数 | 远期价 | ATM IV | ATM 行权价 | 使用的报价数 |
|---|---|---|---|---|---|
| 2026-11-13 | 3 天 | $73.18 | 26.24% | $73.20 | 15 |
| 2026-11-20 | 10 天 | $73.21 | 22.90% | $73.26 | 24 |
| 2026-11-27 | 17 天 | $73.30 | 23.48% | $73.40 | 20 |
| 2026-12-04 | 24 天 | $73.39 | 23.33% | $73.52 | 21 |
| 2026-12-11 | 31 天 | $73.43 | 22.47% | $73.59 | 14 |
| 2026-12-18 | 38 天 | $73.45 | 23.48% | $73.66 | 22 |
| 2026-12-24 | 44 天 | $73.08 | 24.29% | $73.34 | 10 |
| 2026-12-31 | 51 天 | $73.20 | 23.47% | $73.48 | 14 |
| 2027-01-15 | 66 天 | $73.33 | 22.14% | $73.65 | 25 |
| 2027-03-19 | 129 天 | $73.77 | 22.81% | $74.45 | 29 |
| 2027-03-31 | 141 天 | $73.64 | 23.10% | $74.40 | 28 |
| 2027-05-21 | 192 天 | $73.98 | 23.44% | $75.05 | 12 |
| 2027-06-17 | 219 天 | $74.23 | 23.57% | $75.48 | 43 |
| 2027-06-30 | 232 天 | $74.15 | 23.47% | $75.46 | 31 |
| 2027-09-17 | 311 天 | $74.64 | 24.20% | $76.52 | 15 |
恒定期限
在前后相邻的上市到期日之间按总方差插值
- 30 天
- 22.57%
- 60 天
- 22.60%
- 90 天
- 22.51%
- 180 天
- 23.38%
插值是对总方差做线性插值,而不是对波动率。直接对波动率插值,隐含的两个到期日之间的远期方差可能为负。超出最长上市到期日的期限会标为不可用,而不是外推。
期限结构斜率
最近 338 个交易日
虚线标出 1.00,即 90 天与 30 天平值波动率相等之处。在它上方,较长期限的波动率更高。
期限结构就是每个上市到期日的平值隐含波动率,按到期日有多远排开画出来。标的平稳时,它通常缓缓向上倾斜,因为期限越长,能容纳的不确定性越多。
当市场为某个有确定日期的事件定价时,它会倒挂:包含预定公告的到期日,除了平常交易的方差之外还要加上该事件的方差,所以较短的合约可能显示出比较长合约更高的波动率。