Zacks Investment ResearchT3·1d ago
XPH State Street SPDR S&P Pharmaceuticals ETF
ETF 64.08 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.
XPH
$64.08
—
Key stats
$64.08
- 52-Week Range
- $47.60 – $74.34
- YTD
- +16.07%
- IV Rank (30D)
- 72.53
- Straddle Price
- $4.03
- P/C Vol Ratio
- 134.00
- Open
- $64.00
- Day Range
- $63.84 – $64.98
- Volume
- 119,894
- Prev Close
- $63.96
About
State Street SPDR S&P Pharmaceuticals ETF (XPH) 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 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.35% issuer, Oct 22, 2026
- Assets
- $452M issuer-reported, Oct 20, 2026
- Trailing yield
- 0.43% paid quarterly
- Average daily volume
- $13M 30 sessions
- Holdings
- 63 top 10 are 24.0%
- Listed
- Jun 19, 2006 NYSE Arca
- Net asset value
- $64.16 issuer, Oct 20, 2026 · closed +0.02% to NAV
- Median bid/ask spread
- 0.18% 30 days, issuer-reported
- 30-day SEC yield
- 0.35% issuer
- Tracking difference
- -0.16 pts vs index, after fees, FY 2026
Cost65
Liquidity71
Scale61
Diversification80
Moves with. Small caps over large (20% of its variance, beta 0.89); US large-cap stocks (13% of its variance, beta 0.56); Developed markets ex-US over US (3% of its variance, beta 0.36); Long Treasuries (3% of its variance, beta 0.25). These factors explain 39% of its daily moves over the last year.
Stated objective. The State Street SPDR S&P Pharmaceuticals 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 pharmaceuticals segment of a U.S. total market composite index. (from the fund's prospectus)
All 63 holdingsFlow historySimilar fundsOverlap toolAll Health Care ETFs
Fund flows
daily as of Oct 19, 2026issuer datathrough Jun 2026SEC filings- Oct 19, 2026
- −$6.2M latest day
- Latest 5 trading days
- −$9.3M
- Latest 21 trading days
- −$97M −21.4% of assets
- Year to date
- +$189M +$214M over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 19, 2026 | −$6.2M |
| Oct 16, 2026 | −$17K |
| Oct 15, 2026 | $0 |
| Oct 14, 2026 | −$3.1M |
| Oct 13, 2026 | $0 |
| Oct 12, 2026 | −$3.2M |
| Oct 9, 2026 | $0 |
| Oct 8, 2026 | +$3.2M |
| Oct 7, 2026 | −$9.4M |
| Oct 6, 2026 | −$19M |
| Oct 5, 2026 | $0 |
| Oct 2, 2026 | −$22M |
| Oct 1, 2026 | −$3.2M |
| Sep 30, 2026 | −$6.5M |
| Sep 29, 2026 | $0 |
| Sep 28, 2026 | −$6.7M |
| Sep 25, 2026 | $0 |
| Sep 24, 2026 | $0 |
| Sep 23, 2026 | $0 |
| Sep 22, 2026 | $0 |
| Sep 21, 2026 | −$20M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- +$27M latest reported month
- Latest 3 months
- +$47M +10.9% of assets
- Latest 12 months
- +$160M +37.3% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$27M |
| May 2026 | −$5.4M |
| Apr 2026 | +$25M |
| Mar 2026 | −$31K |
| Feb 2026 | +$28M |
| Jan 2026 | +$62M |
| Dec 2025 | +$15M |
| Nov 2025 | +$5.2M |
| Oct 2025 | +$2.5M |
| Sep 2025 | −$14M |
| Aug 2025 | +$16M |
| Jul 2025 | −$2.1M |
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 | |
|---|---|---|---|---|---|
| PILLDirexion Daily Pharmaceutical & Medical Bull 3X ETF | 70% | — | $16M | +73.5% | compare |
| IHEiShares U.S. Pharmaceuticals ETF | 40% | 0.37% | $1.5B | +37.3% | compare |
| PJPInvesco Pharmaceuticals ETF | 37% | 0.57% | $561M | +32.5% | compare |
| FTXHFirst Trust Nasdaq Pharmaceuticals ETF | 20% | 0.60% | $1.1B | +45.4% | compare |
| PPHVanEck Pharmaceutical ETF | 18% | 0.36% | $1.1B | +25.1% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 20, 2026issuer data- Holdings vs fair value
- +18.4% 54% under, 22% over · 99% covered
- Price / earnings
- — 47% loss-making · 95% covered
- Price / book · sales
- 2.9 · 2.7 revenue growth +7.4%
- Above 200-day average
- 56% 39% above 50-day · by weight
- Short interest
- 11.7% of float, weighted · 6.5 days to cover
- Insider buying
- 7% of weight had net insider buying, 90 days; 56% net selling
- 13F holders
- +5.8% change in shares held by institutions, latest quarter
- Reporting earnings
- 15.3% of weight in 7 days; 75.8% in 14
Holdings reporting in the next 14 days · weighted implied move this week 2.05%
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 | TERNTerns Pharmaceuticals Inc | 2.16% | — | — |
| New position | ATAIAtaiBeckley Inc | — | 2.13% | — |
| New position | MANEVeraDermics Inc | — | 2.02% | — |
| New position | ETONEton Pharmaceuticals Inc | — | 1.30% | — |
| Decrease | DFTXDefinium Therapeutics Inc | 1.95% | 3.09% | −17.8% |
| New position | RLMDRelmada Therapeutics Inc | — | 1.06% | — |
| New position | ACRSAclaris Therapeutics Inc | — | 0.89% | — |
| Increase | MAZEMaze Therapeutics Inc | 1.13% | 1.85% | +110.4% |
| Increase | ANROAlto Neuroscience Inc | 0.54% | 1.17% | +140.4% |
| New position | LXRXLexicon Pharmaceuticals Inc | — | 0.63% | — |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 1.0%. Full holdings and history
Under the hood
fiscal year to Jun 30, 2026SEC census- Authorized participants
- 11 active of 41 with agreements; top 3 did 54%
- Created · redeemed
- $365M · $206M over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 25.07% of assets on loan on average; earned 5.9 bp
- Return vs index
- -0.16 pts after fees; +0.41 before; daily s.d. 0.22
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 2026-10-20
Holdings
63
AUM
$452.3M
Provider
SPDR (State Street)
Inception
2006-06-19
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.35%
Dividend Yield
0.43%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.0416 | CD |
| 2026-06-22 | 2026-06-24 | $0.0590 | CD |
| 2026-03-23 | 2026-03-25 | $0.0610 | CD |
| 2025-12-22 | 2025-12-24 | $0.1130 | CD |
| 2025-09-22 | 2025-09-24 | $0.1026 | CD |
| 2025-06-23 | 2025-06-25 | $0.0959 | CD |
Asset Allocation
Top Holdings
top 50 of 63 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| XERS | XERIS BIOPHARMA HOLDINGS INC | 2.91% | Equity (US) | US |
| MANE | VERADERMICS INC | 2.57% | Equity (US) | US |
| PCRX | PACIRA BIOSCIENCES INC | 2.56% | Equity (US) | US |
| MAZE | MAZE THERAPEUTICS INC | 2.37% | Equity (US) | US |
| AMRX | AMNEAL PHARMACEUTICALS INC | 2.32% | Equity (US) | US |
| LLY | ELI LILLY + CO | 2.30% | Equity (US) | US |
| VTRS | VIATRIS INC | 2.28% | Equity (US) | US |
| PRGO | PERRIGO CO PLC | 2.27% | Equity (Foreign) | IE |
| ZTS | ZOETIS INC | 2.20% | Equity (US) | US |
| PFE | PFIZER INC | 2.19% | Equity (US) | US |
| LGND | LIGAND PHARMACEUTICALS | 2.14% | Equity (US) | US |
| ANIP | ANI PHARMACEUTICALS INC | 2.07% | Equity (US) | US |
| RPRX | ROYALTY PHARMA PLC CL A | 2.07% | Equity (Foreign) | GB |
| PBH | PRESTIGE CONSUMER HEALTHCARE | 2.04% | Equity (US) | US |
| INVA | INNOVIVA INC | 2.03% | Equity (US) | US |
| CORT | CORCEPT THERAPEUTICS INC | 2.03% | Equity (US) | US |
| OGN | ORGANON + CO | 2.03% | Equity (US) | US |
| MRK | MERCK + CO. INC. | 2.03% | Equity (US) | US |
| INDV | INDIVIOR PHARMACEUTICALS INC | 2.02% | Equity (US) | US |
| SUPN | SUPERNUS PHARMACEUTICALS INC | 1.98% | Equity (US) | US |
| JNJ | JOHNSON + JOHNSON | 1.96% | Equity (US) | US |
| COLL | COLLEGIUM PHARMACEUTICAL INC | 1.96% | Equity (US) | US |
| SEPN | SEPTERNA INC | 1.95% | Equity (US) | US |
| ELAN | ELANCO ANIMAL HEALTH INC | 1.94% | Equity (US) | US |
| BMY | BRISTOL MYERS SQUIBB CO | 1.93% | Equity (US) | US |
| HRMY | HARMONY BIOSCIENCES HOLDINGS | 1.87% | Equity (US) | US |
| DFTX | DEFINIUM THERAPEUTICS INC | 1.86% | Equity (US) | — |
| EWTX | EDGEWISE THERAPEUTICS INC | 1.85% | Equity (US) | US |
| AMLX | AMYLYX PHARMACEUTICALS INC | 1.79% | Equity (US) | US |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 1.79% | Equity (Foreign) | IE |
| TARS | TARSUS PHARMACEUTICALS INC | 1.73% | Equity (US) | US |
| OMER | OMEROS CORP | 1.72% | Equity (US) | US |
| ETON | ETON PHARMACEUTICALS INC | 1.72% | Equity (US) | US |
| MBX | MBX BIOSCIENCES INC | 1.71% | Equity (US) | US |
| AMPH | AMPHASTAR PHARMACEUTICALS IN | 1.58% | Equity (US) | US |
| TRVI | TREVI THERAPEUTICS INC | 1.55% | Equity (US) | US |
| AXSM | AXSOME THERAPEUTICS INC | 1.53% | Equity (US) | US |
| HROW | HARROW INC | 1.51% | Equity (US) | US |
| LBRX | LB PHARMACEUTICALS INC | 1.49% | Equity (US) | US |
| ZVRA | ZEVRA THERAPEUTICS INC | 1.49% | Equity (US) | US |
| NUVB | NUVATION BIO INC | 1.48% | Equity (US) | US |
| ELVN | ENLIVEN THERAPEUTICS INC | 1.45% | Equity (US) | US |
| ALMS | ALUMIS INC | 1.38% | Equity (US) | US |
| PAHC | PHIBRO ANIMAL HEALTH CORP A | 1.29% | Equity (US) | US |
| WVE | WAVE LIFE SCIENCES INC | 1.28% | Equity (US) | US |
| RAPP | RAPPORT THERAPEUTICS INC | 1.25% | Equity (US) | US |
| CRMD | CORMEDIX INC | 1.25% | Equity (US) | US |
| ANRO | ALTO NEUROSCIENCE INC | 1.19% | Equity (US) | US |
| OCUL | OCULAR THERAPEUTIX INC | 1.17% | Equity (US) | US |
| PHAT | PHATHOM PHARMACEUTICALS INC | 1.16% | Equity (US) | US |
Geographic Breakdown
Non-Equity Breakdown
State Street(R) SPDR(R) S&P(R) Pharmaceuticals ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-28)
Net assets:
$428M
· 67 total positions
· equity 99.95%
· non-equity 8.64%
Non-equity holdings
— 2 positions,
8.64% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 8.64% | $37.0M | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.39% | -6.52% | 7.24% | 0.77% | 5.68% | 0.40% | 1.33% |
| Feb | 0.91% | -1.64% | -5.74% | 3.93% | -0.31% | 0.53% | -0.39% |
| Mar | -6.66% | 4.86% | -3.91% | -3.38% | 0.18% | -6.03% | -2.49% |
| Apr | -2.11% | -10.16% | 1.89% | -6.68% | -2.30% | 5.28% | -2.35% |
| May | 2.41% | 1.42% | -7.00% | 0.25% | 0.60% | -0.41% | -0.46% |
| Jun | 2.66% | 1.50% | 3.56% | -2.16% | -1.05% | 15.47% | 3.33% |
| Jul | -4.24% | 0.56% | 6.35% | 8.24% | 1.05% | 4.01% | 2.66% |
| Aug | -4.92% | -1.33% | 1.11% | 3.57% | 13.81% | 3.50% | 2.62% |
| Sep | -2.27% | -4.54% | -9.90% | 0.98% | 0.65% | -7.28% | -3.73% |
| Oct | 0.04% | 4.42% | -8.60% | 3.60% | 2.33% | 1.00%* | 0.47% |
| Nov | -6.32% | 0.52% | 2.85% | 0.06% | 10.26% | -- | 1.47% |
| Dec | 1.70% | -5.10% | 10.66% | -7.09% | 4.15% | -- | 0.86% |
| Total | -17.47% | -15.87% | -3.93% | 0.98% | 39.62% | 15.76% | 3.18% |
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: $63.85
SMA 50: $67.54
SMA 200: $61.51
Current: $64.42
EMA 12: $63.62
EMA 26: $64.68
MACD: -1.0535 | Signal: 0.2980
BEARISH
ADX (14): 30.38
TREND
+DI: 22.67
−DI: 25.69
Momentum Oscillators
RSI (14): 48.34
NEUTRAL
Stoch %K: 73.64
Stoch %D: 51.12
Williams %R: -17.48
Volume & Volatility
BB Upper: $66.58
BB Lower: $61.13
NEUTRAL
OBV: -64,380
Vol SMA 20: 213,246
Vol ROC: -36.24%
ATR: $1.38
True Range: $1.14
HV 20: 23.2%
HV 30: 23.9%
HV 60: 22.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
Here is my comprehensive stock analysis report for XPH:
Executive Summary
Overall Assessment: NEUTRAL with confidence level (6/10)
Key Drivers:
- Bullish momentum from MACD crossover
- Support from SMA 20 and EMA 12
- Neutral RSI reading
Primary Risks:
- Resistance at $74.39 (Bollinger Bands upper band)
- Potential sell signal if price touches lower Bollinger Band
Investment Thesis: XPH is trending higher, supported by short-term technical indicators, but faces resistance near the current price. A breakout above $74.39 could be a catalyst for further upside.
Recent News Sentiment Impact: The recent news headlines are generally neutral, with no significant market-moving information. The positive sentiment from two of the five articles may contribute to the current upward trend.
Technical Analysis
Trend Direction:
- Short-term: Uptrend (price above SMA 20 and EMA 12)
- Medium-term: Neutral (RSI reading indicates a balanced market)
- Long-term: Downward trending (SMA 200 is below price)
Support/Resistance Levels: The current price ($72.41) is near the upper Bollinger Band ($74.39), which could act as resistance.
Momentum Signals:
- RSI: 59.24 (neutral reading, not overbought or oversold)
- MACD: Bullish crossover with a strong signal line
- Bollinger Bands: Neutral position
Volume Analysis: The volume has been declining over the past few days, indicating reduced institutional interest.
News & Sentiment Analysis
Recent Headlines Summary: Neutral news headlines generally focus on ETF comparisons and analyst upgrades, without significant market-moving information.
Sentiment Assessment: Neutral sentiment dominates the recent news headlines.
Catalyst Identification: No specific catalysts are identified in the recent news, but a breakout above $74.39 could be a potential trigger for further upside.
Market Narrative: The technical signals and recent news sentiment align, suggesting a balanced market with no significant market-moving information.
Risk & Volatility Assessment
Risk Assessment:
- Beta: 0.75 (low risk relative to the market)
- Volatility Regime: Low volatility - stock moves less than the market
- Options Market Signals:
- IV Rank: Medium (36.1%)
- Current IV: 34.7%
- Expected Move: $4.60 (22 DTE), 7-DTE: $4.60
Downside Protection: Support levels are provided by SMA 20 and EMA 12, which could help cushion potential losses.
Market Context & Positioning
Market Context:
- Sector Performance: Healthcare ETFs have been generally trending higher
- Institutional Activity: Volume has been declining over the past few days
- Correlation Analysis: XPH is less volatile than the market (beta <1)
Relative Valuation: XPH's price-to-earnings ratio is slightly above its historical average.
Key Levels & Action Items
Critical Price Levels:
- Support: SMA 20 ($71.05) and EMA 12 ($72.07)
- Resistance: Upper Bollinger Band ($74.39)
Breakout/Breakdown Levels: A breakout above $74.39 could trigger further upside, while a breakdown below SMA 20 could indicate a more significant decline.
Time-Sensitive Catalysts: No specific catalysts are identified in the recent news, but earnings announcements or regulatory changes could impact the stock price.
Risk Management: Stop-loss levels should be set around the support levels (SMA 20 and EMA 12), with position sizing considering the current market conditions.
Generated
News
All XPH news →
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Showing 1–10 of 50
Page 1 of 5
XPH Options Activity & IV Rank
XPH IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 28.5%
7-DTE IV: —
Expected Move: $4.03
7-DTE Move: $4.03
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 3
Put Volume: 402
P/C Volume: 134.0
BEARISH
Call OI: 4
Put OI: 402
P/C OI: 100.5
Total OI: 406
ATM Options Pricing
ATM Call: $2.17
ATM Put: $1.85
Call %: 3.4%
Put %: 2.9%
Chain Summary
Chain Volume: 654
Chain OI: 970
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 25th 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
25%
vs own history
GEX tilt
-0.34
OI-weighted, today
Vanna tilt
+0.80
δ-sensitivity to IV
Charm tilt
-0.97
δ-decay vs time
Vanna tilt +0.80: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.97: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 8 ATM contracts, 1k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
ATM 27.9% / 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)
IV Rank (30 DTE)72.5MediumOct 22
Straddle Price (30 DTE)$4.03Oct 22
Beta Analysis
Risk Metrics
Beta: 0.7426
Alpha: 20.67%
Correlation: 0.4052
R-Squared: 16.4%
Stock Volatility: 23.4%
Market Volatility: 12.8%
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
XPH 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.
1 filers$1.39M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $1.39M | 100.00% | 2026-06-30 |
2 filers$2.05M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | J. Goldman & Co LP | $1.07M | 52.43% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $974.17K | 47.57% | 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
587.01K
SI % of Float
8.21%
Days to Cover
3.82
Short Vol Ratio
60.6%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
XPH Constituent Performance
Click any bar to view the full quote for that stock.
XPH Constituents (61 of 61)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| XERS | XERIS BIOPHARMA HOLDINGS INC | 2.91% | $10.89 | +0.97% | +8.14% | +21.68% |
| MANE | VERADERMICS INC | 2.57% | $138.06 | +1.02% | +19.97% | +19.30% |
| PCRX | PACIRA BIOSCIENCES INC | 2.56% | $36.35 | +0.06% | +0.06% | +42.21% |
| MAZE | MAZE THERAPEUTICS INC | 2.37% | $32.19 | -1.20% | +17.14% | +22.82% |
| AMRX | AMNEAL PHARMACEUTICALS INC | 2.32% | $20.39 | +0.94% | +5.92% | +2.95% |
| LLY | ELI LILLY + CO | 2.30% | $1313.34 | +3.35% | +4.93% | +11.12% |
| VTRS | VIATRIS INC | 2.28% | $18.45 | +0.03% | +1.29% | +5.94% |
| PRGO | PERRIGO CO PLC | 2.27% | $16.25 | +2.17% | -1.37% | +10.73% |
| ZTS | ZOETIS INC | 2.20% | $81.5 | +2.36% | +3.93% | +15.98% |
| PFE | PFIZER INC | 2.19% | $30.2 | +1.16% | +2.57% | +6.29% |
| LGND | LIGAND PHARMACEUTICALS | 2.14% | $312.78 | -0.64% | +4.78% | +4.59% |
| ANIP | ANI PHARMACEUTICALS INC | 2.07% | $73.81 | +2.18% | +2.12% | -0.30% |
| RPRX | ROYALTY PHARMA PLC CL A | 2.07% | $63.16 | +1.63% | +5.94% | +8.35% |
| PBH | PRESTIGE CONSUMER HEALTHCARE | 2.04% | $48.83 | +1.90% | -0.75% | +6.97% |
| INVA | INNOVIVA INC | 2.03% | $21.19 | +1.34% | +1.58% | +2.57% |
| CORT | CORCEPT THERAPEUTICS INC | 2.03% | $109.41 | -5.91% | -3.49% | -7.68% |
| OGN | ORGANON + CO | 2.03% | $13.75 | +0.00% | -0.07% | +0.22% |
| MRK | MERCK + CO. INC. | 2.03% | $146.29 | -2.39% | +0.76% | -1.14% |
| INDV | INDIVIOR PHARMACEUTICALS INC | 2.02% | $34.73 | -0.17% | +3.30% | -3.53% |
| SUPN | SUPERNUS PHARMACEUTICALS INC | 1.98% | $40.98 | -0.56% | +3.56% | -5.34% |
| JNJ | JOHNSON + JOHNSON | 1.96% | $267.68 | +3.84% | +5.68% | -1.11% |
| COLL | COLLEGIUM PHARMACEUTICAL INC | 1.96% | $23.64 | +3.19% | +2.01% | +4.44% |
| SEPN | SEPTERNA INC | 1.95% | $41.16 | +0.98% | +9.91% | +7.95% |
| ELAN | ELANCO ANIMAL HEALTH INC | 1.94% | $22.63 | +0.35% | -3.87% | +1.25% |
| BMY | BRISTOL MYERS SQUIBB CO | 1.93% | $62.76 | +2.68% | +3.62% | +2.05% |
| HRMY | HARMONY BIOSCIENCES HOLDINGS | 1.87% | $38.84 | +1.38% | +1.49% | -5.64% |
| DFTX | DEFINIUM THERAPEUTICS INC | 1.86% | $35.94 | +1.27% | +4.90% | -2.15% |
| EWTX | EDGEWISE THERAPEUTICS INC | 1.85% | $39.83 | +0.45% | +4.27% | -3.23% |
| AMLX | AMYLYX PHARMACEUTICALS INC | 1.79% | $29.37 | +1.17% | +6.22% | -2.55% |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 1.79% | $212.74 | +0.36% | -0.78% | -9.96% |
| TARS | TARSUS PHARMACEUTICALS INC | 1.73% | $71.82 | +1.87% | +1.17% | -5.45% |
| OMER | OMEROS CORP | 1.72% | $16.43 | +1.05% | -12.56% | -18.38% |
| ETON | ETON PHARMACEUTICALS INC | 1.72% | $49.51 | +0.43% | -3.55% | -16.78% |
| MBX | MBX BIOSCIENCES INC | 1.71% | $51.42 | -4.65% | +1.40% | -7.17% |
| AMPH | AMPHASTAR PHARMACEUTICALS IN | 1.58% | $26.13 | -0.27% | -1.10% | -0.53% |
| TRVI | TREVI THERAPEUTICS INC | 1.55% | $12.84 | +0.51% | +5.99% | -12.54% |
| AXSM | AXSOME THERAPEUTICS INC | 1.53% | $155.66 | -0.41% | -3.79% | -20.59% |
| HROW | HARROW INC | 1.51% | $28.18 | -0.19% | -1.97% | -14.85% |
| LBRX | LB PHARMACEUTICALS INC | 1.49% | $38.73 | -1.29% | +5.55% | +2.45% |
| ZVRA | ZEVRA THERAPEUTICS INC | 1.49% | $10.35 | -0.10% | +0.78% | -8.08% |
| NUVB | NUVATION BIO INC | 1.47% | $4.71 | -2.89% | -0.84% | -17.80% |
| ELVN | ENLIVEN THERAPEUTICS INC | 1.45% | $41.63 | -0.45% | +5.85% | -7.84% |
| ALMS | ALUMIS INC | 1.38% | $6.75 | -0.95% | +6.89% | -7.48% |
| PAHC | PHIBRO ANIMAL HEALTH CORP A | 1.29% | $40.3 | +2.66% | +6.10% | +18.76% |
| WVE | WAVE LIFE SCIENCES INC | 1.28% | $3.38 | +0.15% | +5.80% | -14.77% |
| RAPP | RAPPORT THERAPEUTICS INC | 1.25% | $26.48 | +5.69% | -10.43% | -21.71% |
| CRMD | CORMEDIX INC | 1.25% | $8.06 | +3.47% | +8.04% | +3.73% |
| ANRO | ALTO NEUROSCIENCE INC | 1.19% | $22.93 | -1.65% | +1.39% | -15.62% |
| OCUL | OCULAR THERAPEUTIX INC | 1.17% | $6.54 | +0.93% | -11.38% | -33.40% |
| PHAT | PHATHOM PHARMACEUTICALS INC | 1.16% | $7.07 | +0.57% | -5.73% | -0.14% |