One offers broad energy exposure at rock-bottom costs; the other targets infrastructure with a 7.8% yield. Here's how to choose.
XLE State Street Energy Select Sector SPDR ETF
ETF 68.30 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.
XLE
$68.30
—
Key stats
$68.30
- 52-Week Range
- $42.65 – $68.29
- YTD
- +49.61%
- IV Rank (30D)
- 43.75
- Straddle Price
- $4.06
- P/C Vol Ratio
- 0.81
- Open
- $67.11
- Day Range
- $67.01 – $68.29
- Volume
- 37,535,120
- Prev Close
- $66.56
About
State Street Energy Select Sector SPDR ETF (XLE) 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
- $44.2B issuer-reported, Oct 14, 2026
- Trailing yield
- 2.29% paid quarterly
- Average daily volume
- $2.1B 30 sessions
- Holdings
- 24 top 10 are 78.7%
- Listed
- Dec 16, 1998 NYSE Arca
- Last fee change
- -1 bp filed Jan 24, 2025
- Net asset value
- $67.60 issuer, Oct 14, 2026 · closed +0.02% to NAV
- Median bid/ask spread
- 0.02% 30 days, issuer-reported
- 30-day SEC yield
- 2.28% issuer
- Tracking difference
- -0.11 pts vs index, after fees, FY 2025
Cost97
Liquidity100
Scale100
Diversification19
Moves with. Value over growth (24% of its variance, beta 0.95); Long Treasuries (6% of its variance, beta -0.44); High yield over Treasuries (5% of its variance, beta 1.16). These factors explain 30% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. State Street Energy 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 Energy Select Sector Index (the Index). (from the fund's prospectus)
All 24 holdingsFlow historySimilar fundsOverlap toolAll Energy ETFs
Fund flows
daily as of Oct 13, 2026issuer datathrough Jun 2026SEC filings- Oct 13, 2026
- +$97M latest day
- Latest 5 trading days
- +$657M
- Latest 21 trading days
- −$137M −0.3% of assets
- Year to date
- +$2.9B +$2.7B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 13, 2026 | +$97M |
| Oct 12, 2026 | +$17M |
| Oct 9, 2026 | +$495M |
| Oct 8, 2026 | −$72M |
| Oct 7, 2026 | +$120M |
| Oct 6, 2026 | +$175M |
| Oct 5, 2026 | +$16M |
| Oct 2, 2026 | +$330M |
| Oct 1, 2026 | −$163M |
| Sep 30, 2026 | −$286M |
| Sep 29, 2026 | −$215M |
| Sep 28, 2026 | −$140M |
| Sep 25, 2026 | +$37M |
| Sep 24, 2026 | +$119M |
| Sep 23, 2026 | +$159M |
| Sep 22, 2026 | +$65M |
| Sep 21, 2026 | −$56M |
| Sep 18, 2026 | −$422M |
| Sep 17, 2026 | −$309M |
| Sep 16, 2026 | +$61M |
| Sep 15, 2026 | −$165M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$851M latest reported month
- Latest 3 months
- −$2.3B −6.5% of assets
- Latest 12 months
- +$2.3B +6.3% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$851M |
| May 2026 | −$395M |
| Apr 2026 | −$1.1B |
| Mar 2026 | +$2.0B |
| Feb 2026 | +$1.6B |
| Jan 2026 | +$2.7B |
| Dec 2025 | −$405M |
| Nov 2025 | +$175M |
| Oct 2025 | −$231M |
| Sep 2025 | −$380M |
| Aug 2025 | −$615M |
| Jul 2025 | −$290M |
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 | |
|---|---|---|---|---|---|
| GXPEGlobal X PureCap MSCI Energy ETF | 91% | 0.15% | $2.0M | +53.3% | compare |
| IYEiShares U.S. Energy ETF | 90% | 0.37% | $1.8B | +52.4% | compare |
| FENYFidelity MSCI Energy Index ETF | 84% | 0.08% | $2.3B | +52.2% | compare |
| VDEVanguard Energy ETF | 83% | 0.09% | $11.2B | +51.8% | compare |
| DRLLStrive U.S. Energy ETF | 75% | 0.41% | $331M | +57.3% | 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
- +23.3% 63% under, 11% over · 100% covered
- Price / earnings
- 19.0 0% loss-making · 100% covered
- Price / book · sales
- 2.6 · 1.8 revenue growth +19.4%
- Above 200-day average
- 85% 77% above 50-day · by weight
- Short interest
- 2.1% of float, weighted · 2.7 days to cover
- Insider buying
- 1% of weight had net insider buying, 90 days; 61% net selling
- 13F holders
- +5.0% change in shares held by institutions, latest quarter
- Reporting earnings
- 13.1% of weight in 7 days; 68.0% in 14
Holdings reporting in the next 14 days · weighted implied move this week 0.74%
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 |
|---|---|---|---|---|
| Exit | CTRACoterra Energy Inc | 1.41% | — | — |
| Increase | DVNDevon Energy Corp | 1.65% | 2.86% | +82.5% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.6%. Full holdings and history
Under the hood
fiscal year to Sep 30, 2025SEC census- Authorized participants
- 21 active of 45 with agreements; top 3 did 48%
- Created · redeemed
- $18.4B · $27.3B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 0.94% of assets on loan on average; earned 0.1 bp
- Return vs index
- -0.11 pts after fees; -0.02 before; daily s.d. 0.05
- 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
24
AUM
$43.5B
Provider
SPDR (State Street)
Inception
1998-12-16
Exchange
ARCX
Data As Of
2026-10-15
Expense Ratio
0.08%
Dividend Yield
2.23%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.3803 | CD |
| 2026-06-22 | 2026-06-24 | $0.3849 | CD |
| 2026-03-23 | 2026-03-25 | $0.3852 | CD |
| 2025-12-22 | 2025-12-24 | $0.3730 | CD |
| 2025-09-22 | 2025-09-24 | $0.7487 | CD |
| 2025-06-23 | 2025-06-25 | $0.7183 | CD |
Asset Allocation
Top Holdings
top 24 of 24 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| XOM | EXXONMOBIL HOLDINGS CORP | 23.87% | Equity (US) | US |
| CVX | CHEVRON CORP | 17.94% | Equity (US) | US |
| COP | CONOCOPHILLIPS | 7.05% | Equity (US) | US |
| MPC | MARATHON PETROLEUM CORP | 5.24% | Equity (US) | US |
| VLO | VALERO ENERGY CORP | 5.01% | Equity (US) | US |
| PSX | PHILLIPS 66 | 4.87% | Equity (US) | US |
| WMB | WILLIAMS COS INC | 4.04% | Equity (US) | US |
| EOG | EOG RESOURCES INC | 3.92% | Equity (US) | US |
| SLB | SLB LTD | 3.54% | Equity (US) | — |
| KMI | KINDER MORGAN INC | 3.17% | Equity (US) | US |
| TRGP | TARGA RESOURCES CORP | 2.99% | Equity (US) | US |
| OKE | ONEOK INC | 2.82% | Equity (US) | US |
| DVN | DEVON ENERGY CORP | 2.67% | Equity (US) | US |
| BKR | BAKER HUGHES CO | 2.66% | Equity (US) | US |
| OXY | OCCIDENTAL PETROLEUM CORP | 2.18% | Equity (US) | US |
| FANG | DIAMONDBACK ENERGY INC | 1.97% | Equity (US) | US |
| EQT | EQT CORP | 1.62% | Equity (US) | US |
| HAL | HALLIBURTON CO | 1.35% | Equity (US) | US |
| EXE | EXPAND ENERGY CORP | 1.04% | Equity (US) | US |
| TPL | TEXAS PACIFIC LAND CORP | 1.00% | Equity (US) | US |
| APA | APA CORP | 0.82% | Equity (US) | US |
| — | SSI US GOV MONEY MARKET CLASS | 0.19% | Cash/Money Market | — |
| — | XAE ENERGY DEC26 | 0.01% | Derivative | — |
| — | US DOLLAR | 0.01% | Cash/Money Market | — |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 3.58% | 15.20% | 6.55% | -1.57% | 1.13% | 11.83% | 6.12% |
| Feb | 21.59% | 3.38% | -5.07% | 3.29% | 3.19% | 11.73% | 6.35% |
| Mar | -0.69% | 7.22% | -2.94% | 8.34% | 6.41% | 7.40% | 4.29% |
| Apr | -1.83% | -2.48% | -1.67% | -1.67% | -14.36% | 1.15% | -3.48% |
| May | 2.88% | 14.21% | -9.01% | 1.27% | 0.90% | -4.35% | 0.98% |
| Jun | -0.65% | -19.31% | 4.68% | 0.43% | 2.68% | -7.31% | -3.25% |
| Jul | -9.89% | 8.05% | 7.52% | 2.20% | 2.05% | 12.78% | 3.79% |
| Aug | -1.26% | 4.82% | 2.12% | 0.60% | 5.61% | 8.79% | 3.45% |
| Sep | 9.23% | -8.28% | -0.39% | -1.36% | -1.30% | -5.05% | -1.19% |
| Oct | 6.74% | 18.28% | -3.84% | -1.35% | -1.35% | 8.84%* | 4.55% |
| Nov | -6.62% | 0.31% | -0.48% | 8.52% | 2.62% | -- | 0.87% |
| Dec | 2.76% | -3.72% | -1.39% | -9.37% | -2.08% | -- | -2.76% |
| Total | 24.93% | 36.18% | -5.10% | 8.39% | 3.89% | 52.59% | 20.15% |
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: $63.92
SMA 50: $63.54
SMA 200: $57.62
Current: $68.24
EMA 12: $65.67
EMA 26: $64.50
MACD: 1.1671 | Signal: 0.4808
BULLISH
ADX (14): 22.16
WEAK TREND
+DI: 29.18
−DI: 16.32
Momentum Oscillators
RSI (14): 69.07
NEUTRAL
Stoch %K: 92.91
Stoch %D: 94.21
Williams %R: -0.68
Volume & Volatility
BB Upper: $68.17
BB Lower: $59.68
OVERBOUGHT
OBV: 1,547,457,155
Vol SMA 20: 32,734,828
Vol ROC: 28.20%
ATR: $1.31
True Range: $1.73
HV 20: 22.7%
HV 30: 22.3%
HV 60: 22.2%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-18T00:00:00 – 2026-10-16T00:00:00
AI Analysis
XLE (Energy Select Sector SPDR ETF) - Comprehensive Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL-TO-BULLISH | Confidence Level: 6.5/10
XLE presents a mixed technical picture with moderately positive momentum offset by conflicting risk signals. The ETF is trading above all major moving averages with bullish MACD alignment and reasonable upside momentum, but faces headwinds from an unusual negative beta correlation (-0.30 vs SPY) and elevated implied volatility. The recent news environment is supportive for energy sector positioning, though sentiment is primarily ETF-focused rather than fundamental driver-specific.
Key Drivers:
- Tight oil refining market conditions supporting sector strength
- Bond market stabilization creating positive risk environment for energy
- Oil surge supporting dollar strength narrative
Primary Risks:
- Inverse correlation to broad market (negative beta) creates downside if market rallies
- Elevated IV premium (25.8% above HV30) suggests options market pricing significant moves
- Range-bound ADX (17.29) indicates weak trend conviction despite price strength
- Volume declining significantly (-48.91% rate of change)
Investment Thesis: XLE is trading within established uptrend parameters with moderately bullish technical setup, but the negative beta relationship presents a structural risk if equity markets strengthen. Energy sector tailwinds from refining tightness and oil dynamics provide tactical support, though declining volume suggests caution on conviction levels.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): BULLISH
- Price at $65.22 trades above SMA 20 ($63.31) and SMA 50 ($62.55)
- EMA 12 ($63.33) and EMA 26 ($63.10) tightly aligned with positive bias
- Stochastic %K at 78.46 (overbought zone) with %D at 66.61 suggests momentum strength
- Williams %R at -1.72 indicates strong buying pressure at recent lows
Medium-term (1-3 months): BULLISH
- Price maintaining clear separation above SMA 50 and SMA 200 ($56.95)
- Distance from 200-day MA: +14.4%, confirming established uptrend
- MACD histogram positive (0.11) with MACD (0.24) above signal line (0.12) = bullish alignment
- Price tracking near upper Bollinger Band ($65.88) without touching = controlled momentum
Long-term (3-12 months): BULLISH
- Price trading significantly above 200-day MA ($56.95)
- Gap between SMA 50 and SMA 200 widening ($62.55 vs $56.95 = 9.9% spread)
- Sustained positioning above all major averages indicates structural uptrend establishment
Support/Resistance Levels
Resistance (Descending Priority):
- Bollinger Band Upper: $65.88 — Current price $65.22 is 0.66 below; represents immediate overhead resistance
- $67.00 — Round number/psychological resistance; next technical target if upper band breaks
- $68.50 — Previous resistance from prior 52-week price action
Support (Descending Priority):
- Bollinger Band Lower: $60.74 — Critical 2-3% downside support; represents squeeze bottom
- SMA 20: $63.31 — Currently supporting price; loss below would signal trend break
- SMA 50: $62.55 — Secondary support indicating medium-term trend confirmation
- SMA 200: $56.95 — Major long-term support; ~13% downside provides ultimate safety net
Momentum Signals
RSI (14): 62.59 — NEUTRAL (Approaching Overbought Territory)
- Reading in 60-70 zone = strong momentum but not yet overbought
- Technically still in neutral territory (30-70 range)
- Risk of pullback if RSI crosses into >70 overbought zone
- Suggests room for continued upside before exhaustion signals emerge
MACD: BULLISH ALIGNMENT
- MACD line (0.24) trades above signal line (0.12)
- Positive histogram (0.11) confirms bullish momentum continuation
- No divergence signals; momentum tracking with price strength
- Crossover occurred with positive trajectory intact
Bollinger Bands: NEUTRAL SQUEEZE SIGNAL
- Upper band at $65.88, middle at $63.31, lower at $60.74
- Width of 8.12 indicates moderate compression (neither extreme squeeze nor extreme expansion)
- Price positioned near upper band (0.26% below) suggests temporary overbought condition
- Band width suggests consolidation phase with potential for directional breakout
Stochastic Oscillators: OVERBOUGHT MOMENTUM
- %K at 78.46 (overbought, >70) with %D at 66.61 (elevated)
- %K/D divergence widening suggests strong momentum but increased pullback risk
- Williams %R at -1.72 (near -100 extreme) = maximum buying pressure recently applied
- Combination signals momentum exhaustion risk within 3-5 trading days
Volume Analysis
Volume Trends: SIGNIFICANT DETERIORATION
- Volume SMA 20: 34,019,242 shares average
- Volume Rate of Change: -48.91% — CRITICAL RED FLAG
- Current volume trading ~51% below 20-day average
- This represents substantial decline in participation and conviction
On-Balance Volume: 1,449,837,597
- Positive accumulation trend but deteriorating pace
- Low volume rallies typically lack persistence
- Suggests current price advance may lack strong institutional backing
Interpretation & Concern: The -48.91% volume decline is the most bearish technical signal in this dataset. While price strength is present, it's occurring on a sharply declining volume base. This pattern suggests:
- Potential for "weak-handed" rally vulnerable to reversal
- Reduced institutional participation
- Lower conviction in current price levels
- High probability of mean reversion toward moving averages once momentum fades
News & Sentiment Analysis
Recent Headlines Summary
Key Themes (Last 10 Articles, Oct 2-8, 2026):
-
Oil Refining Market Tightness (Goldman Sachs perspective)
- Tight refining capacity creating support for downstream energy plays
- Specific sector rotation opportunity identified in refining-exposed ETFs
-
Bond Market Stabilization
- "Bond Market Carnage Shows Signs of Cooling" narrative
- Risk-on environment supporting cyclical energy sector
- ETF positioning shifting into energy on monetary policy stabilization
-
Dollar Strength on Oil Surge
- Oil strength driving dollar appreciation
- Creates feedback loop supporting energy sector
- Hawkish Fed policy supporting dollar/oil correlation
-
General Energy Sector Strength
- Multiple positive ETF mentions (FENY, RSPG, FTXN)
- Investment community reassessing energy allocation
- Trend appears to be sector-level rotation rather than company-specific
Sentiment Assessment
Aggregate Sentiment: POSITIVE (70% of headlines)
- 4 POSITIVE headlines
- 2 NEUTRAL headlines (analytical/evaluative nature)
- 0 NEGATIVE headlines
Sentiment Distribution:
- Oct 7-8: POSITIVE bias (bond cooling, Goldman refining commentary, ETF strength evaluation)
- Oct 2: POSITIVE (dollar/hawkish Fed support story)
- Overall: Constructive backdrop for energy sector positioning
Catalyst Identification
Immediate Catalysts (1-7 days):
- No major earnings or event dates mentioned in available data
- Ongoing oil market dynamics and refining capacity data monitoring
- Federal Reserve policy commentary risk (hawkish bias currently supportive)
Near-term Catalysts (1-4 weeks):
- Monthly petroleum inventory reports (EIA releases)
- Potential OPEC production announcements
- Energy company earnings season positioning
- Bond market stability/Fed communication (currently supportive)
Medium-term Catalysts (1-3 months):
- Q3 energy sector earnings season
- Winter heating demand ramp
- Geopolitical developments affecting oil supply
- Long-term energy transition narratives (negative for legacy energy)
Data Quality Note: Analysis lacks company/sector-specific fundamental catalysts; news appears focused on ETF positioning and macro themes rather than XLE-specific drivers.
Market Narrative Alignment Analysis
**Technical Signals vs. News
Generated
News
All XLE news →
XLE Options Activity & IV Rank
XLE IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 26.8%
7-DTE IV: 26.0%
Expected Move: $4.06
7-DTE Move: $2.00
Days to Exp: 28 (2026-11-13)
Options Flow
Call Volume: 817
Put Volume: 658
P/C Volume: 0.805
NEUTRAL
Call OI: 3,578
Put OI: 3,594
P/C OI: 1.004
Total OI: 7,172
ATM Options Pricing
ATM Call: $2.25
ATM Put: $1.81
Call %: 3.3%
Put %: 2.7%
Chain Summary
Chain Volume: 208,124
Chain OI: 4,091,980
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
HIGH γ vs HISTORY
Estimated net dealer gamma is at the 97th percentile of this name's own daily history, near the high end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
97%
vs own history
GEX tilt
+0.43
OI-weighted, today
Vanna tilt
+0.30
δ-sensitivity to IV
Charm tilt
-0.48
δ-decay vs time
Vanna tilt +0.30: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.48: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 304 ATM contracts, 892k 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
72%
+7.2
pts
EXTREME
as of Oct 16 · ATM 26.4% / Wing 33.6%
30 DTE / 10d
32%
+2.0
pts
EXTREME
as of Oct 16 · ATM 26.8% / Wing 28.8%
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)19.7LowOct 16
IV Rank (30 DTE)43.8MediumOct 16
Straddle Price (30 DTE)$4.06Oct 16
Beta Analysis
Risk Metrics
Beta: -0.4147
Alpha: 56.03%
Correlation: -0.2394
R-Squared: 5.7%
Stock Volatility: 22.1%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Negative beta - stock moves opposite to market
Negative beta - stock moves opposite to market
Beta & Alpha Over Time
XLE 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.
70 filers$6.04B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $860.93M | 14.25% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $826.98M | 13.69% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $826.42M | 13.68% | 2026-06-30 |
| 4 | Millennium Management LLC Custodian | $446.75M | 7.39% | 2026-06-30 |
| 5 | Hiddenite Capital Partners LP | $424.88M | 7.03% | 2026-06-30 |
| 6 | PEAK6 LLC | $391.90M | 6.49% | 2026-06-30 |
| 7 | Citigroup Inc. Custodian | $358.24M | 5.93% | 2026-06-30 |
| 8 | Walleye Trading LLC | $263.40M | 4.36% | 2026-06-30 |
| 9 | TUDOR INVESTMENT CORP ET AL | $223.95M | 3.71% | 2026-06-30 |
| 10 | UBS Group AG Custodian | $223.30M | 3.70% | 2026-06-30 |
| 11 | Point72 Asset Management, L.P. | $128.78M | 2.13% | 2026-06-30 |
| 12 | Parallax Volatility Advisers, L.P. | $118.35M | 1.96% | 2026-06-30 |
| 13 | Wells Fargo & Company Custodian | $109.41M | 1.81% | 2026-06-30 |
| 14 | Wolverine Trading, LLC Custodian | $73.92M | 1.22% | 2025-09-30 |
| 15 | Balyasny Asset Management L.P. | $73.90M | 1.22% | 2026-06-30 |
| 16 | BNP Paribas Financial Markets Custodian | $68.98M | 1.14% | 2026-06-30 |
| 17 | Cubist Systematic Strategies, LLC | $65.45M | 1.08% | 2025-09-30 |
| 18 | Sculptor Capital LP | $53.11M | 0.88% | 2026-06-30 |
| 19 | LMR Partners LLP | $43.83M | 0.73% | 2026-06-30 |
| 20 | Barclays PLC Custodian | $39.83M | 0.66% | 2026-06-30 |
| 21 | CTC LLC | $39.31M | 0.65% | 2026-06-30 |
| 22 | Bank of Montreal Custodian | $36.11M | 0.60% | 2026-06-30 |
| 23 | Neuberger Berman Group LLC | $33.99M | 0.56% | 2026-06-30 |
| 24 | Royal Bank of Canada Custodian | $31.87M | 0.53% | 2026-06-30 |
| 25 | Jain Global LLC | $29.74M | 0.49% | 2026-06-30 |
62 filers$11.00B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $1.52B | 13.80% | 2026-06-30 |
| 2 | Citigroup Inc. Custodian | $1.39B | 12.59% | 2026-06-30 |
| 3 | Barclays PLC Custodian | $1.24B | 11.23% | 2026-06-30 |
| 4 | Millennium Management LLC Custodian | $1.20B | 10.92% | 2026-06-30 |
| 5 | Jane Street Group, LLC Custodian | $1.05B | 9.50% | 2026-06-30 |
| 6 | Citadel Advisors LLC Custodian | $567.95M | 5.16% | 2026-06-30 |
| 7 | Royal Bank of Canada Custodian | $518.35M | 4.71% | 2026-06-30 |
| 8 | TUDOR INVESTMENT CORP ET AL | $473.45M | 4.30% | 2026-06-30 |
| 9 | Balyasny Asset Management L.P. | $381.61M | 3.47% | 2026-06-30 |
| 10 | Squarepoint Ops LLC | $330.34M | 3.00% | 2026-06-30 |
| 11 | UBS Group AG Custodian | $302.52M | 2.75% | 2026-06-30 |
| 12 | Wells Fargo & Company Custodian | $224.19M | 2.04% | 2026-06-30 |
| 13 | Parallax Volatility Advisers, L.P. | $223.37M | 2.03% | 2026-06-30 |
| 14 | BNP Paribas Financial Markets Custodian | $185.12M | 1.68% | 2026-06-30 |
| 15 | Jain Global LLC | $147.38M | 1.34% | 2026-06-30 |
| 16 | CREDIT AGRICOLE S A | $143.40M | 1.30% | 2026-06-30 |
| 17 | Walleye Trading LLC | $125.85M | 1.14% | 2026-06-30 |
| 18 | Point72 Asset Management, L.P. | $120.55M | 1.10% | 2026-06-30 |
| 19 | SOROS FUND MANAGEMENT LLC | $106.22M | 0.97% | 2026-06-30 |
| 20 | Wolverine Trading, LLC Custodian | $99.79M | 0.91% | 2025-09-30 |
| 21 | CTC LLC | $85.81M | 0.78% | 2026-06-30 |
| 22 | Cubist Systematic Strategies, LLC | $78.24M | 0.71% | 2025-09-30 |
| 23 | LMR Partners LLP | $52.58M | 0.48% | 2026-06-30 |
| 24 | Bank of Montreal Custodian | $50.45M | 0.46% | 2026-06-30 |
| 25 | CREDIT INDUSTRIEL ET COMMERCIAL | $47.02M | 0.43% | 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
61.56M
SI % of Float
9.57%
Days to Cover
1.72
Short Vol Ratio
74.5%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-16
XLE Constituent Performance
Click any bar to view the full quote for that stock.
XLE Constituents (21 of 21)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| XOM | EXXONMOBIL HOLDINGS CORP | 23.87% | $178.98 | +2.46% | +5.94% | +9.44% |
| CVX | CHEVRON CORP | 17.94% | $224.99 | +2.59% | +6.14% | +7.39% |
| COP | CONOCOPHILLIPS | 7.05% | $146.51 | +3.37% | +9.25% | +11.14% |
| MPC | MARATHON PETROLEUM CORP | 5.24% | $478.07 | +0.24% | +5.06% | +12.52% |
| VLO | VALERO ENERGY CORP | 5.01% | $444.71 | +0.15% | +2.53% | +7.61% |
| PSX | PHILLIPS 66 | 4.87% | $293.17 | +1.37% | +5.39% | +7.34% |
| WMB | WILLIAMS COS INC | 4.04% | $71.28 | +2.98% | -1.91% | -1.07% |
| EOG | EOG RESOURCES INC | 3.92% | $158.01 | +3.53% | +6.65% | +9.55% |
| SLB | SLB LTD | 3.54% | $49.5 | +2.34% | +1.12% | -3.17% |
| KMI | KINDER MORGAN INC | 3.17% | $34.2 | +4.20% | +5.26% | +7.41% |
| TRGP | TARGA RESOURCES CORP | 2.99% | $294.9 | +4.37% | +2.86% | +0.93% |
| OKE | ONEOK INC | 2.82% | $93.31 | +2.93% | +3.91% | -0.16% |
| DVN | DEVON ENERGY CORP | 2.67% | $50.73 | +3.03% | +5.12% | +4.36% |
| BKR | BAKER HUGHES CO | 2.66% | $55.7 | +2.39% | -1.76% | -2.71% |
| OXY | OCCIDENTAL PETROLEUM CORP | 2.18% | $62.38 | +2.82% | +3.78% | +6.02% |
| FANG | DIAMONDBACK ENERGY INC | 1.97% | $203.95 | +4.27% | +6.15% | +5.99% |
| EQT | EQT CORP | 1.62% | $54.3 | +3.53% | +2.78% | +8.60% |
| HAL | HALLIBURTON CO | 1.35% | $33.5 | +1.85% | +2.92% | -0.42% |
| EXE | EXPAND ENERGY CORP | 1.04% | $93.41 | +2.87% | +5.88% | +6.77% |
| TPL | TEXAS PACIFIC LAND CORP | 1.00% | $350.92 | +1.27% | -2.79% | -0.50% |
| APA | APA CORP | 0.82% | $49.15 | +4.07% | +7.13% | +9.54% |