Investing.comT3·3mo ago
XME State Street SPDR S&P Metals & Mining ETF
ETF 100.92 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.
XME
$100.92
—
Key stats
$100.92
- 52-Week Range
- $85.63 – $135.68
- YTD
- -6.15%
- IV Rank (30D)
- 43.01
- Straddle Price
- $8.65
- P/C Vol Ratio
- 0.33
- Open
- $101.46
- Day Range
- $100.27 – $104.32
- Volume
- 2,077,630
- Prev Close
- $101.34
About
State Street SPDR S&P Metals & Mining ETF (XME) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2006-06-19
- 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
- 0.35% issuer, Oct 16, 2026
- Assets
- $3.9B issuer-reported, Oct 14, 2026
- Trailing yield
- 0.34% paid quarterly
- Average daily volume
- $161M 30 sessions
- Holdings
- 40 top 10 are 52.7%
- Listed
- Jun 19, 2006 NYSE Arca
- Net asset value
- $99.90 issuer, Oct 14, 2026 · closed -0.02% to NAV
- Median bid/ask spread
- 0.05% 30 days, issuer-reported
- 30-day SEC yield
- 0.33% issuer
- Tracking difference
- -0.51 pts vs index, after fees, FY 2026
Cost91
Liquidity100
Scale96
Diversification53
Moves with. Gold (27% of its variance, beta 0.53); Small caps over large (19% of its variance, beta 1.27); US large-cap stocks (17% of its variance, beta 0.85); Value over growth (6% of its variance, beta -0.39). These factors explain 71% of its daily moves over the last year.
Stated objective. The State Street SPDR S&P Metals & Mining ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the metals and mining segment of a U.S. total market composite index. (from the fund's prospectus)
All 40 holdingsFlow historySimilar fundsOverlap toolAll Metals & Mining ETFs
Fund flows
daily as of Oct 13, 2026issuer datathrough Jun 2026SEC filings- Oct 13, 2026
- $0 latest day
- Latest 5 trading days
- −$16M
- Latest 21 trading days
- −$143M −3.6% of assets
- Year to date
- +$893M +$1.1B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 13, 2026 | $0 |
| Oct 12, 2026 | $0 |
| Oct 9, 2026 | −$11M |
| Oct 8, 2026 | −$5.3M |
| Oct 7, 2026 | $0 |
| Oct 6, 2026 | +$11M |
| Oct 5, 2026 | $0 |
| Oct 2, 2026 | −$5.3M |
| Oct 1, 2026 | +$10M |
| Sep 30, 2026 | +$41M |
| Sep 29, 2026 | −$10M |
| Sep 28, 2026 | $0 |
| Sep 25, 2026 | −$65M |
| Sep 24, 2026 | −$22M |
| Sep 23, 2026 | −$27M |
| Sep 22, 2026 | −$5.6M |
| Sep 21, 2026 | −$22M |
| Sep 18, 2026 | −$11M |
| Sep 17, 2026 | −$11M |
| Sep 16, 2026 | −$16M |
| Sep 15, 2026 | +$5.5M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$110M latest reported month
- Latest 3 months
- +$78M +1.8% of assets
- Latest 12 months
- +$1.5B +34.5% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$110M |
| May 2026 | −$287M |
| Apr 2026 | +$474M |
| Mar 2026 | +$204M |
| Feb 2026 | +$82M |
| Jan 2026 | +$637M |
| Dec 2025 | +$545M |
| Nov 2025 | −$259M |
| Oct 2025 | +$188M |
| Sep 2025 | +$57M |
| Aug 2025 | −$24M |
| Jul 2025 | +$3.9M |
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 | |
|---|---|---|---|---|---|
| PYZInvesco Exchange-Traded Fund Trust Invesco Dorsey Wright Basic Materials Momentum ETF | 37% | 0.60% | $64M | +0.4% | compare |
| MINYYieldMax Strategic Metals & Mining Portfolio Option Income ETF | 34% | 1.01% | $4.4M | — | compare |
| FXZFirst Trust Materials AlphaDEX Fund | 33% | 0.64% | $366M | +24.9% | compare |
| IYMiShares U.S. Basic Materials ETF | 27% | 0.37% | $1.3B | +21.8% | compare |
| FMATFidelity MSCI Materials Index ETF | 25% | 0.08% | $582M | +9.0% | 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
- +22.0% 53% under, 11% over · 100% covered
- Price / earnings
- 46.8 28% loss-making · 100% covered
- Price / book · sales
- 2.1 · 1.3 revenue growth +16.8%
- Above 200-day average
- 41% 26% above 50-day · by weight
- Short interest
- 7.9% of float, weighted · 3.9 days to cover
- Insider buying
- 8% of weight had net insider buying, 90 days; 51% net selling
- 13F holders
- +7.3% change in shares held by institutions, latest quarter
- Reporting earnings
- 24.6% of weight in 7 days; 40.7% in 14
Holdings reporting in the next 14 days · weighted implied move this week 1.27%
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 |
|---|---|---|---|---|
| Increase | MTRNMaterion Corp | 1.72% | 4.22% | +11.1% |
| Decrease | HCCWarrior Met Coal Inc | 5.02% | 3.59% | −23.6% |
| Decrease | AAAlcoa Corp | 4.57% | 3.35% | −13.1% |
| Decrease | CLFCleveland-Cliffs Inc | 4.16% | 3.18% | −35.8% |
| Decrease | STLDSteel Dynamics Inc | 4.46% | 3.60% | −41.0% |
| Decrease | NUENucor Corp | 4.50% | 3.74% | −41.1% |
| New position | CTGOContango Silver & Gold Inc | — | 0.65% | — |
| Increase | LEUCentrus Energy Corp | 3.96% | 4.60% | +12.0% |
| Decrease | CMCCommercial Metals Co | 4.22% | 3.59% | −22.4% |
| Increase | CDECoeur Mining Inc | 3.83% | 4.46% | +24.6% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 1.4%. Full holdings and history
Under the hood
fiscal year to Jun 30, 2026SEC census- Authorized participants
- 15 active of 41 with agreements; top 3 did 46%
- Created · redeemed
- $6.2B · $4.7B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 15.42% of assets on loan on average; earned 6.2 bp
- Return vs index
- -0.51 pts after fees; +0.04 before; daily s.d. 0.07
- 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 2026-10-14
Holdings
40
AUM
$3.9B
Provider
SPDR (State Street)
Inception
2006-06-19
Exchange
ARCX
Data As Of
2026-10-14
Expense Ratio
0.35%
Dividend Yield
0.34%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.0728 | CD |
| 2026-06-22 | 2026-06-24 | $0.0802 | CD |
| 2026-03-23 | 2026-03-25 | $0.0630 | CD |
| 2025-12-22 | 2025-12-24 | $0.1286 | CD |
| 2025-09-22 | 2025-09-24 | $0.1008 | CD |
| 2025-06-23 | 2025-06-25 | $0.0904 | CD |
Asset Allocation
Top Holdings
top 40 of 40 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| CLF | CLEVELAND CLIFFS INC | 5.88% | Equity (US) | US |
| RS | RELIANCE INC | 5.82% | Equity (US) | US |
| STLD | STEEL DYNAMICS INC | 5.70% | Equity (US) | US |
| NUE | NUCOR CORP | 5.63% | Equity (US) | US |
| CMC | COMMERCIAL METALS CO | 5.35% | Equity (US) | US |
| FCX | FREEPORT MCMORAN INC | 5.15% | Equity (US) | US |
| MTRN | MATERION CORP | 4.99% | Equity (US) | US |
| NEM | NEWMONT CORP | 4.90% | Equity (US) | US |
| RGLD | ROYAL GOLD INC | 4.84% | Equity (US) | US |
| AA | ALCOA CORP | 4.46% | Equity (US) | US |
| MP | MP MATERIALS CORP | 4.16% | Equity (US) | US |
| HL | HECLA MINING CO | 4.04% | Equity (US) | US |
| CDE | COEUR MINING INC | 4.03% | Equity (US) | US |
| HCC | WARRIOR MET COAL INC | 3.89% | Equity (US) | US |
| UEC | URANIUM ENERGY CORP | 3.75% | Equity (US) | US |
| CNR | CORE NATURAL RESOURCES INC | 3.62% | Equity (US) | US |
| BTU | PEABODY ENERGY CORP | 2.91% | Equity (US) | US |
| USAR | USA RARE EARTH INC | 2.44% | Equity (US) | US |
| KALU | KAISER ALUMINUM CORP | 2.29% | Equity (US) | US |
| LEU | CENTRUS ENERGY CORP CLASS A | 2.19% | Equity (US) | US |
| CENX | CENTURY ALUMINUM COMPANY | 2.19% | Equity (US) | US |
| AMR | ALPHA METALLURGICAL RESOURCE | 1.87% | Equity (US) | US |
| IE | IVANHOE ELECTRIC INC / US | 1.12% | Equity (US) | US |
| RYZ | RYERSON HOLDING CORP | 1.06% | Equity (US) | US |
| HYMC | HYCROFT MINING HOLDING CO A | 0.91% | Equity (US) | US |
| SXC | SUNCOKE ENERGY INC | 0.88% | Equity (US) | US |
| MUX | MCEWEN INC | 0.82% | Equity (US) | US |
| WS | WORTHINGTON STEEL INC | 0.77% | Equity (US) | US |
| CMP | COMPASS MINERALS INTERNATION | 0.74% | Equity (US) | US |
| MTUS | METALLUS INC | 0.58% | Equity (US) | US |
| DC | DAKOTA GOLD CORP | 0.48% | Equity (US) | US |
| CTGO | CONTANGO SILVER + GOLD INC | 0.43% | Equity (US) | US |
| ALOY | REALLOYS INC | 0.42% | Equity (US) | US |
| METC | RAMACO RESOURCES INC A | 0.39% | Equity (US) | US |
| UAMY | UNITED STATES ANTIMONY CORP | 0.36% | Equity (US) | US |
| URG | UR ENERGY INC | 0.32% | Equity (US) | — |
| IDR | IDAHO STRATEGIC RESOURCES IN | 0.32% | Equity (US) | US |
| ABAT | AMERICAN BATTERY TECHNOLOGY | 0.22% | Equity (US) | US |
| — | SSI US GOV MONEY MARKET CLASS | 0.10% | Cash/Money Market | — |
| — | US DOLLAR | 0.00% | Cash/Money Market | — |
Non-Equity Breakdown
State Street(R) SPDR(R) S&P(R) Metals & Mining ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-28)
Net assets:
$4.38B
· 43 total positions
· equity 99.97%
· non-equity 8.33%
Non-equity holdings
— 4 positions,
8.33% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 8.33% | $365.3M | 4 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -3.86% | -8.39% | 16.29% | -3.61% | 2.90% | 10.41% | 2.29% |
| Feb | 6.22% | 20.61% | -3.37% | -2.25% | -1.24% | 0.62% | 3.43% |
| Mar | 6.25% | 13.65% | -7.32% | 5.07% | -0.39% | -11.51% | 0.96% |
| Apr | 0.25% | -9.95% | -7.63% | -2.56% | 0.79% | 8.03% | -1.84% |
| May | 9.36% | -3.37% | -8.79% | 8.67% | 6.43% | 5.61% | 2.98% |
| Jun | -9.84% | -18.92% | 11.50% | -7.72% | 8.23% | -16.11% | -5.48% |
| Jul | 3.93% | 10.62% | 4.97% | 5.40% | 9.17% | -4.13% | 4.99% |
| Aug | 0.57% | 2.93% | -2.31% | -1.72% | 13.70% | 14.57% | 4.62% |
| Sep | -6.01% | -10.11% | -1.26% | 13.34% | 14.29% | -10.55% | -0.05% |
| Oct | 2.83% | 6.45% | -3.17% | -0.39% | 1.34% | -3.23%* | 0.64% |
| Nov | -6.90% | 9.52% | 10.25% | 7.66% | 2.49% | -- | 4.60% |
| Dec | 11.17% | -6.91% | 6.36% | -16.86% | 8.14% | -- | 0.38% |
| Total | 12.14% | -1.59% | 12.48% | 1.26% | 87.26% | -10.54% | 16.83% |
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: $105.61
SMA 50: $112.05
SMA 200: $113.96
Current: $100.92
EMA 12: $103.92
EMA 26: $106.60
MACD: -2.6756 | Signal: -0.3299
BEARISH
ADX (14): 22.76
WEAK TREND
+DI: 20.85
−DI: 32.86
Momentum Oscillators
RSI (14): 36.61
NEUTRAL
Stoch %K: 26.59
Stoch %D: 25.65
Williams %R: -69.43
Volume & Volatility
BB Upper: $111.61
BB Lower: $99.61
NEUTRAL
OBV: 56,454,022
Vol SMA 20: 1,518,001
Vol ROC: 13.20%
ATR: $3.23
True Range: $4.05
HV 20: 28.3%
HV 30: 28.4%
HV 60: 35.8%
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: BEARISH (Confidence Level: 6/10)
Key Drivers:
- Bearish MACD signal
- High volatility, indicating potential market stress
- Recent news headlines highlighting positive sentiment may not be enough to overcome bearish technical signals
Primary Risks:
- Volatility regime change leading to further price declines
- Earnings disappointment or guidance concerns driving stock lower
Investment Thesis:
XME is likely to experience a short-term decline due to the bearish MACD signal and high volatility. While recent news headlines are positive, they may not be enough to counteract the bearish technical signals.
Recent News Sentiment Impact:
Positive news sentiment from recent headlines may not have a significant impact on XME's price movement, given the bearish technical signals.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): BEARISH
- Medium-term (1-3 months): NEUTRAL
- Long-term (3-12 months): BULLISH
Support/Resistance Levels:
- SMA 20: $104.96 (support)
- EMA 26: $107.83 (resistance)
Momentum Signals:
- RSI interpretation: Neutral (65.04), no significant overbought or oversold signals
- MACD signal: Bearish (2.16 / Signal: 2.31 / Histogram: -0.15)
- Bollinger Bands position: Neutral
Volume Analysis:
- Volume SMA 20: 1941779.00 (no significant changes in trading volume)
News & Sentiment Analysis
Recent Headlines Summary:
Positive news headlines from recent articles, focusing on the mining industry and market trends.
Sentiment Assessment:
Aggregate sentiment is POSITIVE, with a majority of articles highlighting positive developments.
Catalyst Identification:
No specific catalysts identified in recent news headlines that could drive XME's price movement significantly.
Market Narrative:
The market narrative is currently focused on the mining industry and market trends, which may not have a significant impact on XME's price movement.
Risk & Volatility Assessment
Beta Interpretation:
High risk relative to market (beta >1.5), indicating potential for larger price movements.
Volatility Regime:
Current volatility regime is HIGH, with a historical volatility level of 43.9%.
Options Market Signals:
IV rank is LOW, indicating historically low implied volatility. Options market pricing a $11.30 move by expiration.
Downside Protection:
Support levels are available at SMA 20 ($104.96), but the stock's high beta and current volatility regime suggest that price declines may be more severe than expected.
Market Context & Positioning
Sector Performance:
XME is performing relatively well within its sector, with a R-squared interpretation of 0.60.
Institutional Activity:
No significant institutional activity detected in recent trading volume patterns.
Correlation Analysis:
XME's price movement is highly correlated to the market (R-squared interpretation of 0.60).
Relative Valuation:
XME is positioned within a trading range, with no significant deviations from its historical valuation levels.
Key Levels & Action Items
Critical Price Levels:
- SMA 20: $104.96 (support)
- EMA 26: $107.83 (resistance)
Breakout/Breakdown Levels:
- None identified
Time-Sensitive Catalysts:
No specific catalysts identified that could drive XME's price movement significantly.
Risk Management:
Stop-loss levels should be set below SMA 20 ($104.96) to manage risk, with a position sizing consideration of 1/2 or less.
Please note that this report is based on the provided data and does not contain buy/sell advice. The analysis focuses on risk/reward assessment only.
Generated
News
All XME news →
BenzingaT3·4mo ago
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XME Options Activity & IV Rank
XME IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 34.6%
7-DTE IV: —
Expected Move: $8.65
7-DTE Move: $1.00
Days to Exp: 35 (2026-11-20)
Options Flow
Call Volume: 1,463
Put Volume: 490
P/C Volume: 0.335
BULLISH
Call OI: 13,267
Put OI: 4,788
P/C OI: 0.361
Total OI: 18,055
ATM Options Pricing
ATM Call: $4.35
ATM Put: $4.30
Call %: 4.3%
Put %: 4.3%
Chain Summary
Chain Volume: 16,014
Chain OI: 146,853
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
LOW γ vs HISTORY
Estimated net dealer gamma is at the 8th percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
8%
vs own history
GEX tilt
-0.52
OI-weighted, today
Vanna tilt
+0.44
δ-sensitivity to IV
Charm tilt
-0.41
δ-decay vs time
Vanna tilt +0.44: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.41: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 129 ATM contracts, 37k 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
66%
+5.5
pts
EXTREME
ATM 34.8% / Wing 40.3%
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)
IV Rank (30 DTE)43.0MediumOct 16
Straddle Price (30 DTE)$8.65Oct 16
Beta Analysis
Risk Metrics
Beta: 1.8053
Alpha: -25.89%
Correlation: 0.6035
R-Squared: 36.4%
Stock Volatility: 38.1%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
XME 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.
22 filers$466.60M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | TUDOR INVESTMENT CORP ET AL | $89.46M | 19.17% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $66.66M | 14.29% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $58.36M | 12.51% | 2026-06-30 |
| 4 | Graham Capital Management, L.P. | $53.47M | 11.46% | 2026-06-30 |
| 5 | PEAK6 LLC | $40.14M | 8.60% | 2026-06-30 |
| 6 | Jane Street Group, LLC Custodian | $31.67M | 6.79% | 2026-06-30 |
| 7 | Caption Management, LLC | $26.20M | 5.61% | 2026-06-30 |
| 8 | Walleye Trading LLC | $23.02M | 4.93% | 2026-06-30 |
| 9 | Millennium Management LLC Custodian | $21.74M | 4.66% | 2026-06-30 |
| 10 | UBS Group AG Custodian | $21.63M | 4.63% | 2026-06-30 |
| 11 | Royal Bank of Canada Custodian | $7.23M | 1.55% | 2026-06-30 |
| 12 | Goldman Sachs Group Inc Custodian | $5.89M | 1.26% | 2026-06-30 |
| 13 | Wells Fargo & Company Custodian | $5.69M | 1.22% | 2026-06-30 |
| 14 | Squarepoint Ops LLC | $4.48M | 0.96% | 2026-06-30 |
| 15 | Balyasny Asset Management L.P. | $2.49M | 0.53% | 2026-06-30 |
| 16 | CAPITAL FUND MANAGEMENT S.A. | $2.06M | 0.44% | 2026-06-30 |
| 17 | SIG BROKERAGE, LP | $1.60M | 0.34% | 2026-06-30 |
| 18 | Twin Tree Management, LP | $1.60M | 0.34% | 2026-06-30 |
| 19 | Parallax Volatility Advisers, L.P. | $1.58M | 0.34% | 2026-06-30 |
| 20 | Verition Fund Management LLC | $684.35K | 0.15% | 2026-06-30 |
| 21 | HAP TRADING, LLC | $501.51K | 0.11% | 2025-09-30 |
| 22 | NOMURA HOLDINGS INC | $438.41K | 0.09% | 2026-06-30 |
24 filers$456.48M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $138.41M | 30.32% | 2026-06-30 |
| 2 | Elliott Investment Management L.P. | $96.24M | 21.08% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $34.99M | 7.66% | 2026-06-30 |
| 4 | Walleye Trading LLC | $27.02M | 5.92% | 2026-06-30 |
| 5 | Squarepoint Ops LLC | $22.10M | 4.84% | 2026-06-30 |
| 6 | Citadel Advisors LLC Custodian | $21.32M | 4.67% | 2026-06-30 |
| 7 | Parallax Volatility Advisers, L.P. | $19.19M | 4.20% | 2026-06-30 |
| 8 | Millennium Management LLC Custodian | $16.05M | 3.52% | 2026-06-30 |
| 9 | Wells Fargo & Company Custodian | $16.04M | 3.51% | 2026-06-30 |
| 10 | Caption Management, LLC | $13.84M | 3.03% | 2026-06-30 |
| 11 | SCOPUS ASSET MANAGEMENT, L.P. | $10.69M | 2.34% | 2026-06-30 |
| 12 | UBS Group AG Custodian | $10.69M | 2.34% | 2026-06-30 |
| 13 | Twin Tree Management, LP | $9.83M | 2.15% | 2026-06-30 |
| 14 | CREDIT INDUSTRIEL ET COMMERCIAL | $6.42M | 1.41% | 2026-06-30 |
| 15 | CAPITAL FUND MANAGEMENT S.A. | $3.38M | 0.74% | 2026-06-30 |
| 16 | Dayah Capital LLC | $2.74M | 0.60% | 2026-06-30 |
| 17 | SIG BROKERAGE, LP | $2.73M | 0.60% | 2026-06-30 |
| 18 | Balyasny Asset Management L.P. | $1.63M | 0.36% | 2026-06-30 |
| 19 | PEAK6 LLC | $748.51K | 0.16% | 2026-06-30 |
| 20 | Black Maple Capital Management LP | $641.58K | 0.14% | 2026-06-30 |
| 21 | Barclays PLC Custodian | $566.73K | 0.12% | 2026-06-30 |
| 22 | Verition Fund Management LLC | $449.11K | 0.10% | 2026-06-30 |
| 23 | Belvedere Trading LLC | $427.72K | 0.09% | 2026-06-30 |
| 24 | Marshall Wace, LLP Custodian | $352.87K | 0.08% | 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
4.74M
SI % of Float
11.94%
Days to Cover
3.07
Short Vol Ratio
45.0%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-16
XME Constituent Performance
Click any bar to view the full quote for that stock.
XME Constituents (38 of 38)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| CLF | CLEVELAND CLIFFS INC | 5.88% | $12.12 | -0.25% | -6.63% | -3.04% |
| RS | RELIANCE INC | 5.82% | $411.17 | +1.11% | +2.17% | +5.39% |
| STLD | STEEL DYNAMICS INC | 5.70% | $240.54 | -0.09% | +0.91% | +2.24% |
| NUE | NUCOR CORP | 5.63% | $256.29 | +0.63% | +2.38% | +3.18% |
| CMC | COMMERCIAL METALS CO | 5.35% | $64.98 | -0.60% | +1.71% | +0.74% |
| FCX | FREEPORT MCMORAN INC | 5.15% | $69.54 | -0.74% | -5.63% | -2.80% |
| MTRN | MATERION CORP | 4.99% | $245.44 | -2.66% | -12.48% | -2.42% |
| NEM | NEWMONT CORP | 4.90% | $118.6 | +2.43% | +0.64% | -3.90% |
| RGLD | ROYAL GOLD INC | 4.84% | $238.05 | +2.17% | +0.77% | -4.65% |
| AA | ALCOA CORP | 4.46% | $41.45 | +2.55% | -1.78% | -6.71% |
| MP | MP MATERIALS CORP | 4.16% | $40.17 | -3.46% | -12.94% | -15.00% |
| HL | HECLA MINING CO | 4.04% | $15.3 | -1.67% | -10.37% | -19.13% |
| CDE | COEUR MINING INC | 4.03% | $15.47 | +0.39% | -9.69% | -21.71% |
| HCC | WARRIOR MET COAL INC | 3.89% | $89.94 | +0.54% | -3.36% | +2.29% |
| UEC | URANIUM ENERGY CORP | 3.75% | $7.91 | -3.18% | -13.93% | -19.37% |
| CNR | CORE NATURAL RESOURCES INC | 3.62% | $90.35 | +1.52% | +2.14% | -0.80% |
| BTU | PEABODY ENERGY CORP | 2.91% | $23.89 | -0.54% | -4.93% | -5.27% |
| USAR | USA RARE EARTH INC | 2.44% | $10.54 | -4.96% | -16.08% | -31.42% |
| KALU | KAISER ALUMINUM CORP | 2.29% | $147.25 | -0.79% | -2.81% | -1.92% |
| LEU | CENTRUS ENERGY CORP CLASS A | 2.19% | $114.94 | -9.50% | -19.31% | -20.86% |
| CENX | CENTURY ALUMINUM COMPANY | 2.19% | $35.03 | +2.43% | -4.71% | -10.20% |
| AMR | ALPHA METALLURGICAL RESOURCE | 1.87% | $166.73 | -1.76% | -8.17% | -4.30% |
| IE | IVANHOE ELECTRIC INC / US | 1.12% | $8.63 | -1.15% | -15.31% | -9.25% |
| RYZ | RYERSON HOLDING CORP | 1.06% | $27.46 | +2.77% | +4.69% | +13.14% |
| HYMC | HYCROFT MINING HOLDING CO A | 0.91% | $17.17 | -1.44% | -10.53% | -19.77% |
| SXC | SUNCOKE ENERGY INC | 0.88% | $10.25 | +0.69% | +3.12% | +8.01% |
| MUX | MCEWEN INC | 0.82% | $16.24 | +0.19% | -9.17% | -14.53% |
| WS | WORTHINGTON STEEL INC | 0.77% | $39.68 | +0.97% | +10.07% | +19.05% |
| CMP | COMPASS MINERALS INTERNATION | 0.74% | $22.26 | -1.46% | -2.33% | -6.74% |
| MTUS | METALLUS INC | 0.58% | $20.56 | +0.69% | +2.85% | +7.59% |
| DC | DAKOTA GOLD CORP | 0.48% | $5.51 | -0.18% | -9.38% | -9.82% |
| CTGO | CONTANGO SILVER + GOLD INC | 0.43% | $15.25 | +0.66% | -8.85% | -18.58% |
| ALOY | REALLOYS INC | 0.42% | $7.23 | +8.23% | -1.23% | -12.47% |
| METC | RAMACO RESOURCES INC A | 0.39% | $7.83 | -6.12% | -10.00% | -15.08% |
| UAMY | UNITED STATES ANTIMONY CORP | 0.36% | $2.85 | +2.52% | -22.55% | -38.44% |
| URG | UR ENERGY INC | 0.32% | $0.85 | -5.44% | -16.21% | -28.88% |
| IDR | IDAHO STRATEGIC RESOURCES IN | 0.32% | $21.81 | +1.63% | -8.32% | -23.82% |
| ABAT | AMERICAN BATTERY TECHNOLOGY | 0.22% | $1.48 | -5.73% | -24.87% | -32.11% |