Volatility smile convexity extremes
Where was front-expiration volatility smile curvature most elevated or inverted on Sep 17, 2026?
The front-window IV butterfly compares wing volatility with ATM volatility. The 25 most convex observations appear first, followed by the 25 most inverted. Data through close. Descriptive only, not a recommendation.
| # | Ticker | Close | Open interest | IV butterfly |
|---|---|---|---|---|
| 1 | XLU | 41.69 | 1,948,873 | 294.3 pp |
| 2 | SPX | 7,637.76 | 20,175,294 | 245.6 pp |
| 3 | XLF | 55.88 | 6,907,922 | 34.9 pp |
| 4 | BABA | 108.54 | 2,365,474 | 19.8 pp |
| 5 | AAPL | 337.00 | 5,226,142 | 19.3 pp |
| 6 | RIVN | 15.40 | 2,392,848 | 18.3 pp |
| 7 | IBIT | 43.30 | 7,964,573 | 17.9 pp |
| 8 | SMH | 560.61 | 2,099,904 | 17.5 pp |
| 9 | AMZN | 251.19 | 4,895,607 | 17.3 pp |
| 10 | TLT | 81.78 | 13,237,604 | 17.1 pp |
| 11 | VZ | 48.33 | 1,147,876 | 16.4 pp |
| 12 | MSFT | 497.75 | 3,979,244 | 16.2 pp |
| 13 | FXI | 34.19 | 3,946,663 | 15.6 pp |
| 14 | VIX | 15.44 | 10,602,005 | 14.5 pp |
| 15 | TQQQ | 71.38 | 1,720,687 | 14.3 pp |
| 16 | NVDA | 219.34 | 15,761,417 | 14.2 pp |
| 17 | SLV | 58.97 | 6,899,629 | 13.4 pp |
| 18 | IWM | 285.38 | 10,824,276 | 13.3 pp |
| 19 | NU | 13.84 | 1,995,455 | 13.2 pp |
| 20 | IGV | 105.78 | 1,467,218 | 12.8 pp |
| 21 | PSKY | 10.62 | 1,364,481 | 10.9 pp |
| 22 | GLD | 398.36 | 6,546,419 | 10.2 pp |
| 23 | UBER | 70.87 | 1,427,825 | 10.0 pp |
| 24 | GOOG | 343.72 | 1,869,784 | 10.0 pp |
| 25 | SPXW | 7,640.32 | 5,373,379 | 8.8 pp |
| 26 | WBD | 28.24 | 3,179,358 | -52.4 pp |
| 27 | PCG | 13.38 | 3,132,587 | -11.1 pp |
| 28 | POET | 7.50 | 1,124,438 | -9.0 pp |
| 29 | GME | 22.77 | 1,822,316 | -5.7 pp |
| 30 | BMNR | 23.89 | 1,669,913 | -4.5 pp |
| 31 | KWEB | 24.40 | 2,820,381 | -3.4 pp |
| 32 | RKT | 12.57 | 1,306,729 | -2.8 pp |
| 33 | CORZ | 17.14 | 1,786,515 | -1.7 pp |
| 34 | CIFR | 16.94 | 1,744,250 | -1.5 pp |
| 35 | META | 682.31 | 3,455,265 | -1.5 pp |
| 36 | AAL | 12.94 | 2,220,901 | -0.9 pp |
| 37 | MARA | 11.64 | 1,898,518 | -0.7 pp |
| 38 | IREN | 43.48 | 2,872,350 | -0.6 pp |
| 39 | WFC | 86.89 | 1,124,391 | 0.1 pp |
| 40 | GDX | 95.92 | 2,770,706 | 0.2 pp |
| 41 | WULF | 16.47 | 2,974,299 | 0.2 pp |
| 42 | VALE | 14.47 | 1,768,518 | 0.2 pp |
| 43 | COIN | 173.97 | 1,191,553 | 0.5 pp |
| 44 | MRVL | 240.76 | 1,827,144 | 0.5 pp |
| 45 | KRE | 72.74 | 2,084,067 | 0.6 pp |
| 46 | SOFI | 16.73 | 4,142,465 | 0.7 pp |
| 47 | SMCI | 40.35 | 2,315,496 | 0.9 pp |
| 48 | SPY | 762.60 | 21,116,255 | 0.9 pp |
| 49 | WMT | 106.79 | 1,217,907 | 1.3 pp |
| 50 | QQQ | 716.92 | 12,740,183 | 1.3 pp |
Screens describe what the data shows after the close. They are not trade recommendations; see the disclaimer and the methodology.