Zacks Investment ResearchT3·20h ago
XLB State Street Materials Select Sector SPDR ETF
ETF 50.92 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.
XLB
$50.92
—
Key stats
$50.92
- 52-Week Range
- $42.03 – $54.19
- YTD
- +10.41%
- IV Rank (30D)
- 27.2
- Straddle Price
- $2.50
- P/C Vol Ratio
- 0.62
- Open
- $50.89
- Day Range
- $50.62 – $51.51
- Volume
- 12,549,091
- Prev Close
- $50.56
About
State Street Materials Select Sector SPDR ETF (XLB) ETF
No description available.
- Exchange
- ARCX
- Inception
- 1998-12-16
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 14, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.08% issuer, Oct 16, 2026
- Assets
- $7.9B issuer-reported, Oct 14, 2026
- Trailing yield
- 1.71% paid quarterly
- Average daily volume
- $571M 30 sessions
- Holdings
- 27 top 10 are 59.4%
- Listed
- Dec 16, 1998 NYSE Arca
- Last fee change
- -1 bp filed Jan 24, 2025
- Net asset value
- $49.65 issuer, Oct 14, 2026 · closed +0.04% to NAV
- Median bid/ask spread
- 0.02% 30 days, issuer-reported
- 30-day SEC yield
- 1.89% issuer
- Tracking difference
- -0.08 pts vs index, after fees, FY 2025
Cost97
Liquidity100
Scale100
Diversification44
Moves with. US large-cap stocks (43% of its variance, beta 1.13); Gold (13% of its variance, beta 0.16); Developed markets ex-US over US (6% of its variance, beta 0.29); Small caps over large (5% of its variance, beta 0.19). These factors explain 66% of its daily moves over the last year.
Stated objective. State Street Materials Select Sector SPDR ETF (the Fund) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Materials Select Sector Index (the Index). (from the fund's prospectus)
All 27 holdingsFlow historySimilar fundsOverlap toolAll Materials ETFs
Fund flows
daily as of Oct 13, 2026issuer datathrough Jun 2026SEC filings- Oct 13, 2026
- +$25M latest day
- Latest 5 trading days
- +$64M
- Latest 21 trading days
- −$196M −2.5% of assets
- Year to date
- +$2.1B +$1.8B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 13, 2026 | +$25M |
| Oct 12, 2026 | +$20M |
| Oct 9, 2026 | +$12M |
| Oct 8, 2026 | +$10.0M |
| Oct 7, 2026 | −$2.4M |
| Oct 6, 2026 | +$7.5M |
| Oct 5, 2026 | −$12M |
| Oct 2, 2026 | −$49M |
| Oct 1, 2026 | −$34M |
| Sep 30, 2026 | −$2.4M |
| Sep 29, 2026 | −$12M |
| Sep 28, 2026 | +$32M |
| Sep 25, 2026 | −$147M |
| Sep 24, 2026 | +$2.5M |
| Sep 23, 2026 | −$38M |
| Sep 22, 2026 | +$93M |
| Sep 21, 2026 | −$40M |
| Sep 18, 2026 | −$97M |
| Sep 17, 2026 | +$25M |
| Sep 16, 2026 | +$35M |
| Sep 15, 2026 | −$25M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- +$914M latest reported month
- Latest 3 months
- +$1.5B +18.8% of assets
- Latest 12 months
- +$2.1B +25.4% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$914M |
| May 2026 | +$51M |
| Apr 2026 | +$571M |
| Mar 2026 | −$235M |
| Feb 2026 | +$595M |
| Jan 2026 | +$293M |
| Dec 2025 | +$115M |
| Nov 2025 | −$584M |
| Oct 2025 | +$322M |
| Sep 2025 | +$60M |
| Aug 2025 | −$7.6M |
| Jul 2025 | −$18M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 84 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| RSPMInvesco S&P 500 Equal Weight Materials ETF | 83% | 0.40% | $176M | +18.3% | compare |
| UYMProShares Ultra Materials | 72% | 0.95% | $36M | +20.4% | compare |
| FMATFidelity MSCI Materials Index ETF | 70% | 0.08% | $582M | +9.0% | compare |
| VAWVanguard Materials ETF | 69% | 0.09% | $3.2B | +9.3% | compare |
| IYMiShares U.S. Basic Materials ETF | 54% | 0.37% | $1.3B | +21.8% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 14, 2026issuer data- Holdings vs fair value
- +7.3% 41% under, 41% over · 100% covered
- Price / earnings
- 33.0 14% loss-making · 100% covered
- Price / book · sales
- 2.8 · 1.8 revenue growth +7.2%
- Above 200-day average
- 68% 52% above 50-day · by weight
- Short interest
- 3.4% of float, weighted · 3.8 days to cover
- Insider buying
- 17% of weight had net insider buying, 90 days; 40% net selling
- 13F holders
- +2.8% change in shares held by institutions, latest quarter
- Reporting earnings
- 18.3% of weight in 7 days; 67.9% in 14
Holdings reporting in the next 14 days · weighted implied move this week 0.76%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Mar 31, 2026 → Jun 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Decrease | NUENucor Corp | 4.39% | 3.88% | −34.1% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.7%. Full holdings and history
Under the hood
fiscal year to Sep 30, 2025SEC census- Authorized participants
- 20 active of 45 with agreements; top 3 did 55%
- Created · redeemed
- $9.8B · $9.3B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 2.42% of assets on loan on average; earned 0.4 bp
- Return vs index
- -0.08 pts after fees; +0.00 before; daily s.d. 0.04
- Diversification status
- Non-diversified may concentrate in fewer issuers
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 2026-10-15
Holdings
27
AUM
$8.0B
Provider
SPDR (State Street)
Inception
1998-12-16
Exchange
ARCX
Data As Of
2026-10-15
Expense Ratio
0.08%
Dividend Yield
1.69%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.2286 | CD |
| 2026-06-22 | 2026-06-24 | $0.1932 | CD |
| 2026-03-23 | 2026-03-25 | $0.2083 | CD |
| 2025-12-22 | 2025-12-24 | $0.2329 | CD |
| 2025-09-22 | 2025-09-24 | $0.4289 | CD |
| 2025-06-23 | 2025-06-25 | $0.4379 | CD |
Asset Allocation
Top Holdings
top 27 of 27 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| LIN | LINDE PLC | 12.87% | Equity (Foreign) | IE |
| NEM | NEWMONT CORP | 6.91% | Equity (US) | US |
| FCX | FREEPORT MCMORAN INC | 5.69% | Equity (US) | US |
| ECL | ECOLAB INC | 5.09% | Equity (US) | US |
| SHW | SHERWIN WILLIAMS CO/THE | 5.01% | Equity (US) | US |
| VMC | VULCAN MATERIALS CO | 4.82% | Equity (US) | US |
| APD | AIR PRODUCTS + CHEMICALS INC | 4.79% | Equity (US) | US |
| STLD | STEEL DYNAMICS INC | 4.77% | Equity (US) | US |
| NUE | NUCOR CORP | 4.71% | Equity (US) | US |
| MLM | MARTIN MARIETTA MATERIALS | 4.62% | Equity (US) | US |
| CRH | CRH PLC | 4.39% | Equity (Foreign) | IE |
| PPG | PPG INDUSTRIES INC | 3.75% | Equity (US) | US |
| IFF | INTL FLAVORS + FRAGRANCES | 3.60% | Equity (US) | US |
| SW | SMURFIT WESTROCK PLC | 3.38% | Equity (Foreign) | IE |
| DOW | DOW INC | 3.35% | Equity (US) | US |
| PKG | PACKAGING CORP OF AMERICA | 3.22% | Equity (US) | US |
| AMCR | AMCOR PLC | 3.16% | Equity (Foreign) | CH |
| CF | CF INDUSTRIES HOLDINGS INC | 2.84% | Equity (US) | US |
| IP | INTERNATIONAL PAPER CO | 2.82% | Equity (US) | US |
| BALL | BALL CORP | 2.60% | Equity (US) | US |
| LYB | LYONDELLBASELL INDU CL A | 2.53% | Equity (US) | US |
| AVY | AVERY DENNISON CORP | 2.09% | Equity (US) | US |
| ALB | ALBEMARLE CORP | 1.81% | Equity (US) | US |
| MOS | MOSAIC CO/THE | 0.94% | Equity (US) | US |
| — | SSI US GOV MONEY MARKET CLASS | 0.17% | Cash/Money Market | — |
| — | US DOLLAR | 0.02% | Cash/Money Market | — |
| — | XAB MATERIALS DEC26 | -0.00% | Derivative | — |
Geographic Breakdown
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -1.48% | -5.57% | 9.09% | -3.72% | 6.71% | 6.83% | 1.98% |
| Feb | 2.91% | -2.76% | -3.97% | 4.76% | -0.14% | 7.57% | 1.40% |
| Mar | 4.50% | 8.21% | -2.19% | 5.60% | -1.15% | -6.16% | 1.47% |
| Apr | 4.47% | -4.55% | -0.76% | -4.36% | -2.79% | 2.00% | -1.00% |
| May | 3.54% | 1.49% | -6.82% | 2.74% | 3.38% | -0.39% | 0.66% |
| Jun | -6.97% | -13.58% | 9.01% | -2.95% | 1.11% | -0.18% | -2.26% |
| Jul | 1.52% | 5.41% | 3.05% | 5.97% | -2.61% | -0.97% | 2.06% |
| Aug | 3.14% | -2.70% | -2.87% | 2.74% | 6.41% | 3.29% | 1.67% |
| Sep | -7.35% | -8.61% | -6.29% | 4.60% | -2.15% | -6.47% | -4.38% |
| Oct | 5.91% | 5.50% | -1.87% | -2.86% | -3.39% | 4.90%* | 1.37% |
| Nov | -0.79% | 11.42% | 8.29% | 1.77% | 5.00% | -- | 5.14% |
| Dec | 8.14% | -6.24% | 2.63% | -11.17% | 1.70% | -- | -0.99% |
| Total | 17.52% | -14.07% | 5.66% | 1.58% | 11.97% | 9.76% | 5.40% |
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: $49.59
SMA 50: $51.17
SMA 200: $50.86
Current: $50.92
EMA 12: $49.87
EMA 26: $50.09
MACD: -0.2173 | Signal: 0.2623
BEARISH
ADX (14): 18.47
RANGE
+DI: 33.01
−DI: 21.15
Momentum Oscillators
RSI (14): 58.26
NEUTRAL
Stoch %K: 88.51
Stoch %D: 83.43
Williams %R: -15.95
Volume & Volatility
BB Upper: $50.81
BB Lower: $48.38
OVERBOUGHT
OBV: -149,520,619
Vol SMA 20: 11,758,005
Vol ROC: -9.95%
ATR: $0.74
True Range: $0.95
HV 20: 14.3%
HV 30: 14.2%
HV 60: 16.4%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-18T00:00:00 – 2026-10-16T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with confidence level (6/10)
Key Drivers:
- Technical momentum signals are bullish, with MACD and RSI indicating a neutral/positive trend
- Recent news headlines have been mixed, with some positive sentiment and others neutral or negative
Primary Risks:
- High beta stock, making it more volatile than the market (beta 0.73 vs SPY)
- Low volatility in recent months, which may indicate a lack of directional movement
Investment Thesis: XLB is a low-volatility stock with mixed technical and news sentiment. While there are some bullish signals from momentum indicators, the overall trend appears range-bound. With a high beta stock like XLB, there is potential for increased volatility in response to market movements.
Recent News Sentiment Impact: The recent news headlines have had a neutral impact on the stock's price movement. The positive headline about Adams Natural Resources Fund and the negative Nasdaq 100 fall have been somewhat offset by the neutral headlines from Benzinga.
Technical Analysis
Trend Direction:
- Short-term: NEUTRAL (SMA 20 and EMA 12 indicate a range-bound trend)
- Medium-term: BULLISH (SMA 50 and EMA 26 suggest an uptrend)
- Long-term: BEARISH (SMA 200 suggests a downtrend)
Support/Resistance Levels:
- Key price levels:
- Upper band: $53.91
- Middle band: $52.80
- Lower band: $51.68
Momentum Signals:
- RSI interpretation: NEUTRAL (51.93)
- MACD signal: BULLISH (0.44 / Signal: -0.02 / Histogram: 0.46)
- Bollinger Bands position: NEUTRAL (price touching middle band)
Volume Analysis:
- Volume trends: LOW
- Institutional interest signals: MEDIUM
News & Sentiment Analysis
Recent Headlines Summary: The recent news headlines have been mixed, with some positive sentiment and others neutral or negative.
Sentiment Assessment: The aggregate news sentiment is NEUTRAL, reflecting the mixed nature of the headlines.
Catalyst Identification: There are no specific catalysts identified in the recent news headlines that would significantly impact the stock's price movement.
Market Narrative: The market narrative suggests a range-bound trend for XLB, with some bullish and bearish signals from momentum indicators.
Risk & Volatility Assessment
Risk Interpretation: XLB is a high-risk stock due to its beta (0.73) relative to the SPY.
Volatility Regime: Current vs historical volatility levels: LOW (volatility has decreased in recent months)
Options Market Signals: IV rank: 5.4% (LOW - shows if volatility is historically high/low) Current IV: 27.4% Expected Move: $2.25 (32 DTE), 7-DTE: $0.80 Volume Flow: 47 calls vs 181 puts Open Interest: 92 calls vs 84,475 puts Put/Call Volume Ratio: 3.85 (Bearish sentiment) Put/Call OI Ratio: 918.21
Downside Protection: Support levels and risk management considerations:
- Critical price level: $51.68 (lower band)
- Breakout/breakdown levels: $53.91 (upper band) and $49.89 (SMA 200)
Market Context & Positioning
Sector Performance: XLB is outperforming the sector, with a positive relative strength.
Institutional Activity: Volume patterns suggesting institutional interest:
- Volume SMA 20: 10698090.74
- On-Balance Volume (OBV): -83167003.21
- Volume Rate of Change: 58.23%
Correlation Analysis: The stock moves less than the market, with a correlation coefficient of 0.53.
Relative Valuation: XLB is positioned within its trading range, with no significant deviations from its historical volatility.
Key Levels & Action Items
Critical Price Levels:
- Support level: $51.68 (lower band)
- Resistance level: $53.91 (upper band)
Breakout/Breakdown Levels:
- Critical price level: $49.89 (SMA 200)
- Breakout/breakdown levels: $52.95 (EMA 12) and $51.73 (SMA 50)
Time-Sensitive Catalysts: None identified
Risk Management: Stop-loss levels and position sizing considerations:
- Stop-loss level: $50.50 (20% below current price)
- Position sizing: 5-7% of total portfolio
Generated
News
All XLB news →
Zacks Investment ResearchT3·24d ago
Zacks Investment ResearchT3·1mo ago
GlobeNewswire Inc.T3·3mo ago
BenzingaT3·4mo ago
BenzingaT3·5mo ago
BenzingaT3·6mo ago
The Motley FoolT3·7mo ago
BenzingaT3·7mo ago
The Motley FoolT3·7mo ago
Showing 1–10 of 50
Page 1 of 5
XLB Options Activity & IV Rank
XLB IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 20.8%
7-DTE IV: 19.9%
Expected Move: $2.50
7-DTE Move: $1.11
Days to Exp: 28 (2026-11-13)
Options Flow
Call Volume: 91
Put Volume: 56
P/C Volume: 0.615
BULLISH
Call OI: 60
Put OI: 124
P/C OI: 2.067
Total OI: 184
ATM Options Pricing
ATM Call: $1.22
ATM Put: $1.28
Call %: 2.4%
Put %: 2.5%
Chain Summary
Chain Volume: 28,558
Chain OI: 245,821
Last Updated: 10/16/2026
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 45th 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
45%
vs own history
GEX tilt
-0.00
OI-weighted, today
Vanna tilt
+0.60
δ-sensitivity to IV
Charm tilt
-0.69
δ-decay vs time
Vanna tilt +0.60: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.69: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 145 ATM contracts, 107k 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
44%
+6.8
pts
EXTREME
as of Oct 16 · ATM 21.1% / Wing 27.9%
30 DTE / 10d
—
—
pts
EXTREME
as of Oct 16 · ATM 22.1% / 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
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)8.7LowOct 16
IV Rank (30 DTE)27.2MediumOct 16
Straddle Price (30 DTE)$2.50Oct 16
Beta Analysis
Risk Metrics
Beta: 0.7082
Alpha: 5.34%
Correlation: 0.5077
R-Squared: 25.8%
Stock Volatility: 17.8%
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
XLB 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.
27 filers$1.14B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Bank of Montreal Custodian | $442.25M | 38.80% | 2026-06-30 |
| 2 | ADAPT Investment Managers SA | $177.91M | 15.61% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $100.79M | 8.84% | 2026-06-30 |
| 4 | UBS Group AG Custodian | $89.01M | 7.81% | 2026-06-30 |
| 5 | Caption Management, LLC | $75.23M | 6.60% | 2026-06-30 |
| 6 | Citadel Advisors LLC Custodian | $75.19M | 6.60% | 2026-06-30 |
| 7 | Jain Global LLC | $30.50M | 2.68% | 2026-06-30 |
| 8 | Barclays PLC Custodian | $25.92M | 2.27% | 2026-06-30 |
| 9 | Brevan Howard Capital Management LP | $25.41M | 2.23% | 2026-06-30 |
| 10 | Rokos Capital Management LLP | $15.76M | 1.38% | 2026-06-30 |
| 11 | Cavalier Investments, LLC | $15.25M | 1.34% | 2026-06-30 |
| 12 | Squarepoint Ops LLC | $14.93M | 1.31% | 2026-06-30 |
| 13 | Jane Street Group, LLC Custodian | $13.89M | 1.22% | 2026-06-30 |
| 14 | Cubist Systematic Strategies, LLC | $12.97M | 1.14% | 2025-09-30 |
| 15 | Graham Capital Management, L.P. | $5.08M | 0.45% | 2026-06-30 |
| 16 | Millennium Management LLC Custodian | $4.87M | 0.43% | 2026-06-30 |
| 17 | Balyasny Asset Management L.P. | $3.32M | 0.29% | 2026-06-30 |
| 18 | Allianz Asset Management GmbH | $2.49M | 0.22% | 2026-06-30 |
| 19 | Point72 Asset Management, L.P. | $2.41M | 0.21% | 2026-06-30 |
| 20 | CAPITAL FUND MANAGEMENT S.A. | $2.13M | 0.19% | 2026-06-30 |
| 21 | TUDOR INVESTMENT CORP ET AL | $1.56M | 0.14% | 2026-06-30 |
| 22 | PEAK6 LLC | $1.16M | 0.10% | 2026-06-30 |
| 23 | Volterra Technologies LP | $1.05M | 0.09% | 2026-06-30 |
| 24 | Vontobel Holding Ltd. | $508.30K | 0.04% | 2026-06-30 |
| 25 | Man Group plc | $111.83K | <0.01% | 2026-06-30 |
22 filers$792.84M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $320.73M | 40.45% | 2026-06-30 |
| 2 | Gates Capital Management, Inc. | $228.74M | 28.85% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $39.90M | 5.03% | 2026-06-30 |
| 4 | UBS Group AG Custodian | $32.02M | 4.04% | 2026-06-30 |
| 5 | Barclays PLC Custodian | $25.92M | 3.27% | 2026-06-30 |
| 6 | Brevan Howard Capital Management LP | $25.41M | 3.21% | 2026-06-30 |
| 7 | Cubist Systematic Strategies, LLC | $24.16M | 3.05% | 2025-09-30 |
| 8 | Allianz Asset Management GmbH | $22.51M | 2.84% | 2026-06-30 |
| 9 | Susquehanna International Group, LLP Custodian | $19.77M | 2.49% | 2026-06-30 |
| 10 | Squarepoint Ops LLC | $17.44M | 2.20% | 2026-06-30 |
| 11 | Millennium Management LLC Custodian | $13.72M | 1.73% | 2026-06-30 |
| 12 | Jain Global LLC | $5.08M | 0.64% | 2026-06-30 |
| 13 | Wells Fargo & Company Custodian | $5.00M | 0.63% | 2026-06-30 |
| 14 | CREDIT AGRICOLE S A | $3.81M | 0.48% | 2026-06-30 |
| 15 | Balyasny Asset Management L.P. | $2.92M | 0.37% | 2026-06-30 |
| 16 | CAPITAL FUND MANAGEMENT S.A. | $1.93M | 0.24% | 2026-06-30 |
| 17 | PEAK6 LLC | $1.72M | 0.22% | 2026-06-30 |
| 18 | TUDOR INVESTMENT CORP ET AL | $960.69K | 0.12% | 2026-06-30 |
| 19 | Walleye Trading LLC | $472.72K | 0.06% | 2026-06-30 |
| 20 | Point72 Asset Management, L.P. | $381.23K | 0.05% | 2026-06-30 |
| 21 | Man Group plc | $182.99K | 0.02% | 2026-06-30 |
| 22 | Parallax Volatility Advisers, L.P. | $40.66K | <0.01% | 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
14.96M
SI % of Float
9.46%
Days to Cover
1.40
Short Vol Ratio
29.2%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-16
XLB Constituent Performance
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XLB Constituents (24 of 24)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| LIN | LINDE PLC | 12.87% | $498.43 | +1.06% | +3.04% | +8.26% |
| NEM | NEWMONT CORP | 6.91% | $118.6 | +2.43% | +0.64% | -3.90% |
| FCX | FREEPORT MCMORAN INC | 5.69% | $69.54 | -0.74% | -5.63% | -2.80% |
| ECL | ECOLAB INC | 5.09% | $288.89 | -0.66% | +2.51% | +7.21% |
| SHW | SHERWIN WILLIAMS CO/THE | 5.01% | $335.2 | -0.51% | +4.96% | +4.51% |
| VMC | VULCAN MATERIALS CO | 4.82% | $257.63 | +2.07% | +5.34% | +6.98% |
| APD | AIR PRODUCTS + CHEMICALS INC | 4.79% | $299.59 | +1.01% | +6.52% | +5.42% |
| STLD | STEEL DYNAMICS INC | 4.77% | $240.54 | -0.09% | +0.91% | +2.24% |
| NUE | NUCOR CORP | 4.71% | $256.29 | +0.63% | +2.38% | +3.18% |
| MLM | MARTIN MARIETTA MATERIALS | 4.62% | $500.84 | +1.96% | +4.70% | +2.08% |
| CRH | CRH PLC | 4.39% | $83.63 | +1.59% | +2.56% | -2.93% |
| PPG | PPG INDUSTRIES INC | 3.75% | $107.39 | -0.39% | +3.30% | +2.75% |
| IFF | INTL FLAVORS + FRAGRANCES | 3.60% | $90.68 | +0.43% | +7.25% | +9.31% |
| SW | SMURFIT WESTROCK PLC | 3.38% | $41.16 | -0.19% | -0.31% | -7.15% |
| DOW | DOW INC | 3.35% | $29.93 | +0.91% | +5.31% | +4.18% |
| PKG | PACKAGING CORP OF AMERICA | 3.22% | $236 | +1.47% | +2.38% | +1.39% |
| AMCR | AMCOR PLC | 3.16% | $43.85 | +0.25% | +5.11% | +4.65% |
| CF | CF INDUSTRIES HOLDINGS INC | 2.84% | $120.85 | +0.90% | +8.35% | -5.36% |
| IP | INTERNATIONAL PAPER CO | 2.82% | $34.05 | -0.15% | +6.01% | -1.39% |
| BALL | BALL CORP | 2.60% | $63.2 | +0.64% | +8.11% | +5.07% |
| LYB | LYONDELLBASELL INDU CL A | 2.53% | $64.01 | +2.14% | +6.63% | +3.36% |
| AVY | AVERY DENNISON CORP | 2.09% | $175.31 | -0.32% | +4.46% | +4.53% |
| ALB | ALBEMARLE CORP | 1.81% | $95.48 | -2.75% | -5.72% | -13.91% |
| MOS | MOSAIC CO/THE | 0.94% | $18.82 | -0.69% | +0.43% | -23.12% |