Seeking AlphaT3·28mo ago
SCHI Schwab 5-10 Year Corporate Bond ETF
ETF 21.77 DelayedETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
SCHI
$21.77
—
Key stats
$21.77
After hours
$21.61
-0.73%
- 52-Week Range
- $21.24 – $23.28
- YTD
- -5.18%
- IV Rank (30D)
- 15.67
- Straddle Price
- $1.00
- Open
- $21.64
- Day Range
- $21.63 – $21.79
- Volume
- 3,716,843
- Prev Close
- $21.57
About
Schwab 5-10 Year Corporate Bond ETF (SCHI) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2019-10-09
- Has Options
- Yes
Fund profile
holdings as of Jun 30, 2026SEC filingthrough Jun 2026flows, SEC filings
- Expense ratio
- 0.03% prospectus, filed Apr 28, 2026
- Assets
- $11.0B shares × price, Oct 21, 2026
- Trailing yield
- 5.29% paid monthly
- Average daily volume
- $78M 30 sessions
- Holdings
- 2,350 top 10 are 2.4%
- Listed
- Oct 9, 2019 NYSE Arca
- Tracking difference
- -0.16 pts vs index, after fees, FY 2025
Cost97
Liquidity96
Scale100
Diversification100
Moves with. Long Treasuries (68% of its variance, beta 0.39); US large-cap stocks (6% of its variance, beta 0.05); US dollar (4% of its variance, beta -0.07). These factors explain 80% of its daily moves over the last year.
Stated objective. The funds goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. corporate bond market. (from the fund's prospectus)
All 2,350 holdingsFlow historyOverlap toolAll Investment-Grade Corporate ETFs
Fund flows
through Jun 2026SEC filings- Jun 2026
- +$188M latest reported month
- Latest 3 months
- +$1.3B +11.4% of assets
- Latest 12 months
- +$2.7B +23.2% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$188M |
| May 2026 | +$792M |
| Apr 2026 | +$344M |
| Mar 2026 | −$292M |
| Feb 2026 | +$434M |
| Jan 2026 | +$407M |
| Dec 2025 | −$21M |
| Nov 2025 | +$285M |
| Oct 2025 | +$248M |
| Sep 2025 | +$179M |
| Aug 2025 | +$109M |
| Jul 2025 | +$17M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 81 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| VCITVanguard Intermediate-Term Corporate Bond ETF | — | 0.03% | $67.0B | −6.9% | compare |
| LQDiShares iBoxx $ Investment Grade Corporate Bond ETF | — | 0.14% | $28.9B | −8.3% | compare |
| IGIBiShares Trust iShares 5-10 Year Investment Grade Corporate Bond ETF | — | 0.04% | $19.3B | −6.9% | compare |
| USIGiShares Broad USD Investment Grade Corporate Bond ETF | — | 0.04% | $17.8B | −6.6% | compare |
| SPIBState Street SPDR Portfolio Intermediate Term Corporate Bond ETF | — | 0.04% | $11.4B | −4.8% | compare |
The largest other funds in the Investment-Grade Corporate category.
Under the hood
fiscal year to Dec 31, 2025SEC census- Authorized participants
- 8 active of 31 with agreements; top 3 did 93%
- Created · redeemed
- $4.1B · $2.4B over the fiscal year
- Redemptions in kind
- 99% creations 98% in kind
- Creation unit
- 100,000 shares
- Securities lending
- 0.48% of assets on loan on average; earned 0.5 bp
- Return vs index
- -0.16 pts after fees; -0.13 before; daily s.d. 0.01
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-06-30
Holdings
2350
AUM
$11.6B
Provider
Nport
Inception
2019-10-09
Exchange
ARCX
Data As Of
2026-06-30
Expense Ratio
0.03%
Dividend Yield
5.29%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-07 | $0.0982 | CD |
| 2026-09-01 | 2026-09-08 | $0.0897 | CD |
| 2026-08-03 | 2026-08-07 | $0.1021 | CD |
| 2026-07-01 | 2026-07-08 | $0.0942 | CD |
| 2026-06-01 | 2026-06-05 | $0.0927 | CD |
| 2026-05-01 | 2026-05-07 | $0.0947 | CD |
Asset Allocation
Top Holdings
top 50 of 2350 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | State Street Institutional US Government Money Market Fund | 1.07% | Short-term investment | US |
| — | META PLATFORMS INC | 0.29% | Debt | US |
| — | META PLATFORMS INC | 0.27% | Debt | US |
| — | AMAZON.COM INC | 0.27% | Debt | US |
| — | ANHEUSER-BUSCH CO/INBEV | 0.24% | Debt | US |
| — | BANK OF AMERICA CORP | 0.24% | Debt | US |
| — | BANK OF AMERICA CORP | 0.23% | Debt | US |
| — | BANK OF AMERICA CORP | 0.23% | Debt | US |
| — | PFIZER INVESTMENT ENTER | 0.23% | Debt | SG |
| — | ORACLE CORP | 0.22% | Debt | US |
| — | JPMORGAN CHASE & CO | 0.21% | Debt | US |
| — | State Street Institutional US Government Money Market Fund | 0.21% | Short-term investment | US |
| — | SALESFORCE INC | 0.21% | Debt | US |
| — | JPMORGAN CHASE & CO | 0.20% | Debt | US |
| — | GOLDMAN SACHS GROUP INC | 0.20% | Debt | US |
| — | AMGEN INC | 0.20% | Debt | US |
| — | WELLS FARGO & COMPANY | 0.20% | Debt | US |
| — | WELLS FARGO & COMPANY | 0.19% | Debt | US |
| — | ALPHABET INC | 0.19% | Debt | US |
| — | JPMORGAN CHASE & CO | 0.19% | Debt | US |
| — | MORGAN STANLEY | 0.18% | Debt | US |
| — | VERIZON COMMUNICATIONS | 0.18% | Debt | US |
| — | META PLATFORMS INC | 0.18% | Debt | US |
| — | BANK OF AMERICA CORP | 0.18% | Debt | US |
| — | BANK OF AMERICA CORP | 0.18% | Debt | US |
| — | AMAZON.COM INC | 0.18% | Debt | US |
| — | WELLS FARGO & COMPANY | 0.17% | Debt | US |
| — | JPMORGAN CHASE & CO | 0.17% | Debt | US |
| — | SALESFORCE INC | 0.17% | Debt | US |
| — | MORGAN STANLEY | 0.17% | Debt | US |
| — | ORACLE CORP | 0.17% | Debt | US |
| — | BANK OF AMERICA CORP | 0.17% | Debt | US |
| — | WELLS FARGO & COMPANY | 0.17% | Debt | US |
| — | JPMORGAN CHASE & CO | 0.17% | Debt | US |
| — | AERCAP IRELAND CAP/GLOBA | 0.17% | Debt | IE |
| — | JPMORGAN CHASE & CO | 0.17% | Debt | US |
| — | GOLDMAN SACHS GROUP INC | 0.17% | Debt | US |
| — | BANK OF AMERICA CORP | 0.17% | Debt | US |
| — | BANK OF AMERICA CORP | 0.17% | Debt | US |
| — | GOLDMAN SACHS GROUP INC | 0.16% | Debt | US |
| — | ABBOTT LABORATORIES | 0.16% | Debt | US |
| — | JPMORGAN CHASE & CO | 0.16% | Debt | US |
| — | WELLS FARGO & COMPANY | 0.16% | Debt | US |
| — | WELLS FARGO & COMPANY | 0.16% | Debt | US |
| — | ALPHABET INC | 0.16% | Debt | US |
| — | GOLDMAN SACHS GROUP INC | 0.16% | Debt | US |
| — | GOLDMAN SACHS GROUP INC | 0.15% | Debt | US |
| — | AMAZON.COM INC | 0.15% | Debt | US |
| — | BANK OF AMERICA CORP | 0.15% | Debt | US |
| — | CITIGROUP INC | 0.15% | Debt | US |
Non-Equity Breakdown
Schwab 5-10 Year Corporate Bond ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-25)
Net assets:
$11.60B
· 2350 total positions
· equity 0.00%
· non-equity 99.70%
Non-equity holdings
— 2350 positions,
99.70% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Corporate | 93.73% | $10.87B | 2149 |
| Debt | 4.70% | $545.2M | 196 |
| Short-term investment | 1.28% | $148.5M | 2 |
| Derivative (interest rate) | -0.00% | $-69820 | 3 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.74% | -1.98% | 3.85% | 0.42% | 0.63% | 0.26% | 0.41% |
| Feb | -1.79% | -1.64% | -3.90% | -1.89% | 2.04% | 1.44% | -0.96% |
| Mar | -1.85% | -3.64% | 3.81% | 0.66% | -0.22% | -1.61% | -0.48% |
| Apr | 0.78% | -4.70% | 0.04% | -1.68% | 0.04% | 0.44% | -0.85% |
| May | 0.40% | 1.59% | -0.18% | 1.62% | 0.63% | 0.35% | 0.73% |
| Jun | 1.17% | -2.13% | -0.20% | 0.25% | 2.06% | 0.22% | 0.23% |
| Jul | 1.29% | 2.67% | 0.66% | 3.06% | 0.13% | -1.15% | 1.11% |
| Aug | -0.49% | -3.61% | -0.09% | 1.31% | 0.39% | -0.09% | -0.43% |
| Sep | -1.16% | -4.61% | -2.22% | 1.36% | 1.45% | -2.59% | -1.30% |
| Oct | -0.82% | -1.65% | -0.82% | -2.86% | -0.04% | 1.82%* | -0.73% |
| Nov | -0.17% | 4.62% | 4.81% | 1.71% | 1.13% | -- | 2.42% |
| Dec | 0.16% | -1.96% | 2.79% | -2.09% | -0.22% | -- | -0.26% |
| Total | -3.23% | -16.17% | 8.49% | 1.69% | 8.28% | -0.99% | -0.32% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $21.50
SMA 50: $21.82
SMA 200: $22.48
Current: $21.77
EMA 12: $21.58
EMA 26: $21.62
MACD: -0.0443 | Signal: 0.0494
BEARISH
ADX (14): 29.17
TREND
+DI: 26.80
−DI: 26.26
Momentum Oscillators
RSI (14): 59.59
NEUTRAL
Stoch %K: 82.65
Stoch %D: 78.81
Williams %R: -4.10
Volume & Volatility
BB Upper: $21.70
BB Lower: $21.30
OVERBOUGHT
OBV: -53,608,623
Vol SMA 20: 3,643,195
Vol ROC: 32.63%
ATR: $0.12
True Range: $0.22
HV 20: 5.2%
HV 30: 5.8%
HV 60: 5.3%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00
AI Analysis
SCHI Stock Analysis Report
Schwab 5-10 Year Corporate Bond ETF
Executive Summary
Overall Assessment: NEUTRAL | Confidence Level: 7/10
SCHI is a low-volatility, passively-managed fixed-income ETF trading near its 20-day moving average with mixed technical signals and minimal options market activity. The fund exhibits characteristics typical of stable bond funds: defensive beta (0.17), low realized volatility (5.0-5.8%), and strong inflows reflecting institutional demand for high-quality corporate debt. However, bearish momentum indicators (MACD below signal line, negative histogram of -0.14, RSI neutral at 48.22) and exceptionally high IV premium (+213.3% vs historical volatility) suggest caution on near-term price direction despite structural fund strength.
Key Drivers:
- Net inflows of +$2.7B over 12 months (+23.2% of assets) indicate sustained investor appetite for quality corporate bonds
- Trailing yield of 5.28% remains attractive in current rate environment
- Ultra-low expense ratio (0.03%, cheaper than 95% of peers) provides competitive advantage
Primary Risks:
- Interest rate volatility: Rising rates would compress bond prices; falling rates could cap upside
- Duration risk: 5-10 year maturity bucket is rate-sensitive; ADX=33.16 confirms strong downward momentum
- IV premium at +213.3% suggests options market pricing elevated risk despite low realized volatility
Investment Thesis: SCHI represents a defensive, yield-generating position suitable for income-focused portfolios seeking low-cost exposure to investment-grade corporate bonds. Recent inflows validate institutional confidence, but near-term technical weakness and inverted momentum indicators warrant monitoring for potential consolidation or pullback before accumulation.
Technical Analysis
Trend Direction
| Timeframe | Direction | Assessment | |-----------|-----------|------------| | Short-term (1-4 weeks) | BEARISH | Price at $21.61 below SMA 50 ($21.87) and SMA 200 ($22.51); MACD below signal line; -DI (32.92) > +DI (22.78) | | Medium-term (1-3 months) | NEUTRAL-TO-BEARISH | Fund hovering near 20-day MA ($21.53); ADX=33.16 indicates strong trend, but direction is downward | | Long-term (3-12 months) | NEUTRAL | Within normal trading range; strong inflows suggest underlying demand support |
Support/Resistance Levels
| Level | Price | Significance | |-------|-------|--------------| | Immediate Resistance | $21.82 | Upper Bollinger Band; represents minor resistance | | Current Support (MA 20) | $21.53 | 20-day SMA—currently holding; loss triggers medium-term warning | | Secondary Support | $21.23 | Lower Bollinger Band; represents 2 standard deviation move | | Intermediate Support | $21.87 | 50-day SMA; critical moving average | | Major Support | $22.51 | 200-day SMA; long-term trend anchor |
Interpretation: Price is compressed within Bollinger Bands (Width: 2.75, suggesting low volatility regime) between the 20-day MA support and upper band resistance. Current positioning is neutral but trending downward.
Momentum Signals
RSI (14): 48.22 — NEUTRAL
- Well within neutral zone (30-70 range)
- No overbought (>70) or oversold (<30) conditions
- Suggests balanced supply/demand; room to move in either direction
- Not confirming strong directional conviction
MACD: -0.09 vs Signal: 0.04 | Histogram: -0.14 — BEARISH CROSSOVER
- MACD below signal line (red flag)
- Negative histogram (-0.14) indicates bearish momentum
- EMA 12 ($21.53) and EMA 26 ($21.62) are nearly aligned but EMA 12 slightly below, confirming early bearish structure
- Conflict Alert: Bearish MACD contradicts neutral RSI—suggests early momentum loss without capitulation
Bollinger Bands: Neutral Squeeze
- Price at $21.61 near middle band ($21.53)
- Width of 2.75 indicates low volatility compression; typical of bond ETFs
- No extreme positioning (not touching upper or lower band)
- Interpretation: Limited immediate volatility expansion expected; consolidation pattern
Stochastic Oscillators: OVERBOUGHT SIGNAL
- %K: 83.77 (OVERBOUGHT, >80)
- %D: 69.95 (borderline, approaching overbought)
- Williams %R: -13.96 (strong, >-20 = overbought)
- Critical Finding: Stochastic readings contradict neutral RSI and suggest short-term pullback risk despite overall momentum neutrality
News & Sentiment Analysis
Recent Headlines Summary
| Date | Headline | Source | Relevance | |------|----------|--------|-----------| | 2024-06-28 | Total Return Gov/Credit Second-Quarter Review | Seeking Alpha | Quarterly portfolio performance review | | 2024-06-08 | Income... With A Side Of Growth Potential | Seeking Alpha | Yield/total return positioning | | 2024-04-04 | Time to Invest in Corporate Bond ETFs | Zacks | Category tailwind (positive) | | 2024-03-19 | Strike While The Market Is Hot | Seeking Alpha | Market sentiment snapshot | | 2024-02-29 | The Red Flag Looming Over Markets | Seeking Alpha | Macro risk warning | | 2022-12-08 | A Guide to the 25 Cheapest ETFs | Zacks | Cost advantage positioning |
Sentiment Assessment: NEUTRAL (with structural positive bias)
Key Observations:
- No fund-specific negative news: No headlines about underperformance, holdings deterioration, or outflows
- Positive thematic coverage: April 2024 headline "Time to Invest in Corporate Bond ETFs" provides category tailwind
- Macro context mixed: February 2024 "Red Flag Looming" suggests lingering economic concerns, but June 2024 positioning updates indicate adaptive management
- Cost advantage reinforced: Repeated mentions of low expense ratio (2022 and implicit in discussions) support fund's competitive positioning
- Catalyst neutral: No earnings (fund doesn't report earnings), no management changes, no structural changes
Catalyst Identification
Immediate (1-7 days):
- Federal Reserve communications on interest rate policy (impacts all bond funds)
- Credit spread movements in investment-grade corporate sector
Near-term (1-4 weeks):
- Monthly fund flow data (positive trajectory suggests continued inflows)
- Quarterly rebalancing activity (potential liquidity events)
- Corporate earnings season (impacts underlying holdings' credit quality perception)
Medium-term (1-3 months):
- Potential Fed rate decisions (impact duration and reinvestment rates)
- Credit market stress indicators (widening spreads would pressure NAV)
Market Narrative Alignment
Contradiction Alert: NEWS vs TECHNICAL SIGNALS
| Factor | Signal | Direction | |--------|--------|-----------| | Fund flows (+$2.7B/12mo) | BULLISH | Institutional confidence | | Cost advantage (0.03% ER) | BULLISH | Competitive moat | | MACD/Momentum | BEARISH | Technical weakness | | RSI/Overbought stochastic | MIXED | Near-term pullback risk | | Dividend yield (5.28%) | NEUTRAL-BULLISH | Income supported |
Narrative: News and fund structure suggest strong fundamental support (inflows, competitive positioning, yield), but technical indicators warn of near-term consolidation or pullback. This disconnect is typical of defensive fixed-income ETFs where structural flows can override short-term momentum. The bearish technical signals do not reflect deteriorating fundamentals; rather, they suggest tactical weakness in a structurally strong position.
Risk & Volatility Assessment
Beta Interpretation: 0.17 — HIGHLY DEFENSIVE
- Meaning: SCHI moves only 17% as much as the broad market (SPY)
- Risk Profile: Extremely low correlation to equity market risk (0.46 correlation confirms diversification benefit)
- Defensive Characteristic: This is expected and appropriate for
Generated
News
All SCHI news →
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SCHI Options Activity & IV Rank
SCHI IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 22.0%
7-DTE IV: —
Expected Move: $1.00
7-DTE Move: $1.00
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 0
Put Volume: 0
P/C Volume: —
Call OI: 0
Put OI: 0
P/C OI: —
Total OI: 0
ATM Options Pricing
ATM Call: $0.40
ATM Put: $0.60
Call %: 1.8%
Put %: 2.8%
Chain Summary
Chain Volume: 78
Chain OI: 303
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 53rd percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
53%
vs own history
GEX tilt
-1.00
OI-weighted, today
Vanna tilt
-0.75
δ-sensitivity to IV
Charm tilt
+0.91
δ-decay vs time
Vanna tilt -0.75: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt +0.91: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
ATM 17.2% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
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Volatility Smile
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IV Rank (7 DTE)
IV Rank (30 DTE)15.7LowOct 22
Straddle Price (30 DTE)$1.00Oct 22
Beta Analysis
Risk Metrics
Beta: 0.1585
Alpha: -8.63%
Correlation: 0.4227
R-Squared: 17.9%
Stock Volatility: 4.8%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
SCHI Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
1 filers$276.21K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $276.21K | 100.00% | 2026-06-30 |
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
634.80K
SI % of Float
0.12%
Days to Cover
1.00
Short Vol Ratio
53.5%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|