ETF · 期权分析
VOO 期权分析
数据截至 2026年11月12日(收盘)
- 标的收盘价
- $696.00
- 30D ATM IV
- 14.50%
- IV 百分位 · 1年
- 第 61
- 25Δ 风险逆转
- +5.04
- 期限斜率 90/30
- 1.025
▼ -1.41 pts 较前一交易日
概览
VOO 期权当前计入的 30 天平值隐含波动率为 14.5%,相当于未来一个月约 ±4.2% 的波动。这高于它过去一年 247 个交易日中 61% 的读数。
它的 25-delta put 比 call 的隐含波动率高 5.04 个波动率点,大致处在它自己过去一年区间的中部。
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ⓘ
- 14.50%
- 25-delta 风险逆转ⓘ
- +5.04
- 25-delta 蝶式价差ⓘ
- +0.40
- 期限结构斜率ⓘ
- 1.025
对应 30 天内约 ±4.2% 的波动，平常一天约 ±0.9%。
高于过去一年中 61% 的读数。
距平值同样远时，put 比 call的隐含波动率高 5.04 个点。
高于过去一年中 54% 的读数。
两翼的隐含波动率比平值高 0.40 个点。
90 天的隐含波动率比 30 天高 3%。
高于过去一年中 32% 的读数。
30 天隐含波动率处在什么位置
对比此前 247 个交易日(一年窗口)
- IV 百分位,1 年
- 61%
- IV 排名,1 年
- 12%
- IV 百分位,2 年
- 61%
- IV 排名,2 年
- 14%
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
- $696.00
- 30 天隐含远期价
- $699.37
- 60 天 ATM IV
- 14.30%
- 90 天 ATM IV
- 14.86%
- 180 天 ATM IV
- 15.83%
- 使用的到期日数
- 9
- 总未平仓量
- 102,862
- Put / call 未平仓量比
- 0.44
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 333 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 |
|---|---|---|---|---|
| 2026-11-12 | 14.50% | +5.04 | 1.025 | $696.00 |
| 2026-11-10 | 15.91% | +6.35 | 0.983 | $689.50 |
| 2026-11-09 | 15.60% | +7.59 | 1.003 | $691.87 |
| 2026-11-06 | 18.48% | +9.18 | 0.958 | $675.99 |
| 2026-11-05 | 20.15% | +8.72 | 0.912 | $673.97 |
| 2026-11-04 | 13.24% | +5.53 | 1.089 | $704.78 |
| 2026-11-03 | 16.29% | +6.97 | 0.984 | $693.54 |
| 2026-11-02 | 16.53% | +5.04 | 0.980 | $691.32 |
| 2026-10-30 | 16.60% | +6.36 | 1.003 | $694.81 |
| 2026-10-29 | 12.98% | +4.31 | 1.114 | $707.32 |
| 2026-10-28 | 13.22% | +5.35 | 1.098 | $709.90 |
| 2026-10-27 | 13.35% | +5.30 | 1.090 | $707.52 |
| 2026-10-26 | 14.32% | +4.83 | 1.038 | $703.41 |
| 2026-10-23 | 14.90% | +5.98 | 1.010 | $698.58 |
| 2026-10-22 | 15.14% | +5.82 | 0.996 | $702.30 |
| 2026-10-21 | 13.36% | +3.79 | 1.066 | $710.72 |
| 2026-10-20 | 13.33% | +5.56 | 1.069 | $706.80 |
| 2026-10-19 | 13.41% | +5.22 | 1.066 | $704.60 |
| 2026-10-16 | 14.92% | +5.82 | 0.998 | $701.61 |
| 2026-10-15 | 12.66% | +5.92 | 1.064 | $709.43 |
| 2026-10-14 | 13.64% | +4.56 | 1.048 | $707.43 |
| 2026-10-13 | 12.45% | +3.24 | 1.085 | $715.20 |
| 2026-10-09 | 12.36% | +3.22 | 1.120 | $715.59 |
| 2026-10-08 | 13.04% | +2.92 | 1.076 | $711.28 |
| 2026-10-07 | 13.09% | +3.23 | 1.055 | $714.34 |
| 2026-10-06 | 12.75% | +2.30 | 1.070 | $716.20 |
| 2026-10-05 | 12.66% | +2.64 | 1.092 | $712.32 |
| 2026-10-02 | 12.94% | +3.44 | 1.096 | $707.54 |
| 2026-10-01 | 13.64% | +4.70 | 1.053 | $702.35 |
| 2026-09-30 | 13.06% | +4.00 | 1.073 | $700.86 |
| 2026-09-29 | 13.27% | +3.91 | 1.071 | $702.46 |
| 2026-09-28 | 13.06% | +3.83 | 1.079 | $703.61 |
| 2026-09-25 | 11.72% | +3.53 | 1.178 | $710.79 |
| 2026-09-24 | 12.82% | +4.03 | 1.109 | $706.99 |
| 2026-09-23 | 12.17% | +3.58 | 1.138 | $707.60 |
| 2026-09-22 | 11.56% | +2.59 | 1.208 | $712.78 |
| 2026-09-21 | 12.35% | +2.99 | 1.149 | $712.78 |
| 2026-09-18 | 11.81% | +3.93 | 1.201 | $701.78 |
| 2026-09-17 | 12.39% | +4.60 | 1.132 | $701.03 |
| 2026-09-16 | 14.14% | +5.94 | 1.078 | $693.24 |
| 2026-09-15 | 13.42% | +5.74 | 1.114 | $696.20 |
| 2026-09-14 | 13.18% | +5.75 | 1.102 | $699.30 |
| 2026-09-11 | 12.67% | +4.07 | 1.142 | $702.56 |
| 2026-09-10 | 14.51% | +5.13 | 1.046 | $696.65 |
| 2026-09-09 | 13.00% | +3.87 | 1.107 | $700.87 |
| 2026-09-08 | 12.99% | +3.63 | 1.103 | $704.07 |
| 2026-09-04 | 11.67% | +3.90 | 1.181 | $708.01 |
| 2026-09-03 | 12.84% | +4.30 | 1.090 | $710.72 |
| 2026-09-02 | 12.41% | +3.87 | 1.119 | $703.41 |
| 2026-09-01 | 13.08% | +4.40 | 1.098 | $700.28 |
| 2026-08-31 | 12.19% | +3.54 | 1.140 | $704.89 |
| 2026-08-28 | 11.76% | +2.55 | 1.181 | $707.24 |
| 2026-08-27 | 12.06% | +3.45 | 1.143 | $708.75 |
| 2025-10-22 | 14.53% | +5.83 | 1.048 | $613.97 |
| 2025-10-21 | 13.63% | +5.59 | 1.094 | $617.09 |
| 2025-10-20 | 14.26% | +5.50 | 1.070 | $617.17 |
| 2025-10-17 | 16.77% | +7.51 | 0.979 | $610.76 |
| 2025-10-16 | 18.99% | +8.78 | 0.926 | $607.39 |
| 2025-10-15 | 16.26% | +7.55 | 1.027 | $611.43 |
| 2025-10-14 | — | — | — | $608.75 |
| 2025-10-10 | — | — | — | $600.51 |
| 2025-10-09 | 12.63% | +3.78 | 1.158 | $617.10 |
| 2025-10-08 | 12.92% | +4.63 | 1.112 | $618.77 |
| 2025-10-07 | 13.35% | +5.57 | 1.114 | $615.20 |
| 2025-10-06 | 12.78% | +4.85 | 1.128 | $617.40 |
| 2025-10-03 | 12.99% | +5.88 | 1.125 | $615.30 |
| 2025-10-02 | 12.94% | +6.19 | 1.112 | $615.25 |
| 2025-10-01 | 11.78% | +4.99 | 1.214 | $614.57 |
| 2025-09-30 | 12.63% | +5.03 | 1.131 | $612.38 |
| 2025-09-29 | 12.44% | +4.06 | 1.150 | $610.13 |
| 2025-09-26 | 12.47% | +4.31 | 1.139 | $610.16 |
| 2025-09-25 | 13.09% | +5.05 | 1.125 | $606.59 |
| 2025-09-24 | 13.27% | +3.08 | 1.109 | $609.50 |
| 2025-09-23 | 13.17% | +5.21 | 1.137 | $611.54 |
| 2025-09-22 | 12.85% | +4.45 | 1.120 | $614.76 |
| 2025-09-19 | 12.36% | +4.58 | 1.146 | $611.78 |
| 2025-09-18 | 12.41% | +3.96 | 1.139 | $608.94 |
| 2025-09-17 | 12.66% | +4.53 | 1.107 | $606.09 |
| 2025-09-16 | 12.75% | +3.58 | 1.105 | $606.79 |
| 2025-09-15 | 12.21% | +3.92 | 1.107 | $607.59 |
| 2025-09-12 | 11.70% | +3.95 | 1.150 | $604.44 |
| 2025-09-11 | 11.84% | +2.75 | 1.138 | $604.57 |
| 2025-09-10 | 10.69% | +4.05 | 1.265 | $599.68 |
| 2025-09-09 | 11.44% | +5.14 | 1.177 | $597.95 |
| 2025-09-08 | 11.58% | +4.85 | 1.183 | $596.50 |
| 2025-09-05 | 11.88% | +4.59 | 1.165 | $594.96 |
| 2025-09-04 | 11.85% | +5.51 | 1.142 | $596.59 |
| 2025-09-03 | 12.72% | +6.40 | 1.097 | $591.72 |
| 2025-09-02 | 13.27% | +6.42 | 1.115 | $588.71 |
| 2025-08-29 | 12.26% | +5.05 | 1.121 | $593.08 |
| 2025-08-28 | 11.46% | +3.77 | 1.175 | $596.52 |
| 2025-08-27 | 11.70% | +2.46 | 1.177 | $594.42 |
| 2025-08-26 | 11.56% | +4.53 | 1.170 | $593.06 |
| 2025-08-25 | 11.70% | +4.65 | 1.180 | $590.70 |
| 2025-08-22 | 11.45% | +4.12 | 1.150 | $593.21 |
| 2025-08-21 | 13.67% | +5.75 | 1.071 | $584.27 |
| 2025-08-20 | 12.78% | +5.16 | 1.122 | $586.58 |
| 2025-08-19 | 12.36% | +5.17 | 1.125 | $588.13 |
| 2025-08-18 | 11.66% | +4.15 | 1.168 | $591.36 |
| 2025-08-15 | 11.83% | +3.77 | 1.159 | $591.57 |
| 2025-08-14 | 11.34% | +3.75 | 1.183 | $592.85 |
| 2025-08-13 | 11.23% | +4.13 | 1.183 | $592.84 |
| 2025-08-12 | 11.83% | +3.42 | 1.134 | $590.78 |
| 2025-08-11 | 12.99% | +5.32 | 1.075 | $584.54 |
| 2025-08-08 | 12.15% | +4.59 | 1.144 | $585.74 |
| 2025-08-07 | 14.33% | +4.66 | 1.011 | $581.29 |
| 2025-08-06 | 13.32% | +5.13 | 1.073 | $581.64 |
| 2025-08-05 | 14.36% | +5.10 | 1.035 | $577.35 |
| 2025-08-04 | 13.97% | +5.86 | 1.046 | $580.14 |
| 2025-08-01 | 15.51% | +7.54 | 1.015 | $571.45 |
| 2025-07-31 | 13.34% | +6.79 | 1.062 | $581.02 |
| 2025-07-30 | 13.34% | +5.39 | 1.036 | $583.21 |
| 2025-07-29 | 12.20% | +5.46 | 1.124 | $583.92 |
| 2025-07-28 | 12.04% | +4.24 | 1.115 | $585.44 |
| 2025-07-25 | 12.08% | +4.35 | 1.117 | $585.58 |
| 2025-07-24 | 12.26% | +3.55 | 1.110 | $583.26 |
| 2025-07-23 | 12.53% | +4.45 | 1.117 | $582.86 |
| 2025-07-22 | 12.90% | +4.66 | 1.132 | $577.95 |
| 2025-07-21 | 13.70% | +5.01 | 1.048 | $577.95 |
| 2025-07-18 | 13.38% | +4.44 | 1.079 | $576.92 |
图表覆盖存档中的全部交易日,共 333 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 333 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
8d (2026-11-20) · 15d (2026-11-27) · 22d (2026-12-04)
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 | 8d | 15d | 22d |
|---|---|---|---|
| 15Δ 看涨 | — | 10.84% | — |
| 20Δ 看涨 | 12.53% | 10.98% | — |
| 25Δ 看涨 | 12.59% | 11.23% | 12.21% |
| 30Δ 看涨 | 12.88% | 11.68% | 12.63% |
| 35Δ 看涨 | 14.27% | 12.26% | 12.61% |
| 40Δ 看涨 | 14.08% | 13.33% | 13.75% |
| 45Δ 看涨 | 13.86% | 13.16% | 14.00% |
| ATM | 14.56% | 13.39% | 13.78% |
| 45Δ 看跌 | 16.00% | 13.90% | 13.80% |
| 40Δ 看跌 | 16.19% | 14.26% | 14.66% |
| 35Δ 看跌 | 16.88% | 14.74% | 14.95% |
| 30Δ 看跌 | 16.85% | 15.34% | 15.89% |
| 25Δ 看跌 | 18.64% | 16.34% | 17.16% |
| 20Δ 看跌 | 19.02% | 16.54% | 17.80% |
| 15Δ 看跌 | 20.17% | 18.06% | 19.02% |
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 |
|---|---|---|---|---|---|---|---|---|
| 2026-11-20 | 8 | $697.25 | 14.56% | 18.64% | 12.59% | +6.05 | +1.06 | 14 |
| 2026-11-27 | 15 | $698.20 | 13.39% | 16.34% | 11.23% | +5.12 | +0.40 | 16 |
| 2026-12-04 | 22 | $698.55 | 13.78% | 17.16% | 12.21% | +4.95 | +0.90 | 19 |
| 2026-12-11 | 29 | $699.30 | 14.53% | 17.39% | 12.44% | +4.96 | +0.38 | 27 |
| 2026-12-18 | 36 | $699.80 | 14.32% | 17.57% | 12.11% | +5.46 | +0.52 | 27 |
| 2026-12-24 | 42 | $699.05 | 14.41% | 17.46% | 12.08% | +5.38 | +0.35 | 25 |
| 2027-01-15 | 64 | $700.20 | 14.28% | 17.82% | 12.31% | +5.52 | +0.78 | 41 |
| 2027-04-16 | 155 | $706.78 | 15.44% | 19.38% | 13.01% | +6.37 | +0.76 | 33 |
| 2027-06-17 | 217 | $712.05 | 16.24% | 20.19% | 13.63% | +6.56 | +0.67 | 47 |
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
9 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 |
|---|---|---|---|---|---|
| 2026-11-20 | 8 天 | $697.25 | 14.56% | $697.41 | 14 |
| 2026-11-27 | 15 天 | $698.20 | 13.39% | $698.46 | 16 |
| 2026-12-04 | 22 天 | $698.55 | 13.78% | $698.95 | 19 |
| 2026-12-11 | 29 天 | $699.30 | 14.53% | $699.88 | 27 |
| 2026-12-18 | 36 天 | $699.80 | 14.32% | $700.51 | 27 |
| 2026-12-24 | 42 天 | $699.05 | 14.41% | $699.88 | 25 |
| 2027-01-15 | 64 天 | $700.20 | 14.28% | $701.45 | 41 |
| 2027-04-16 | 155 天 | $706.78 | 15.44% | $710.37 | 33 |
| 2027-06-17 | 217 天 | $712.05 | 16.24% | $717.66 | 47 |
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
- 14.50%
- 60 天
- 14.30%
- 90 天
- 14.86%
- 180 天
- 15.83%
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 333 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。