Volatility smile convexity extremes
Where was front-expiration volatility smile curvature most elevated or inverted on Oct 16, 2026?
The front-window IV butterfly compares wing volatility with ATM volatility. The 25 most convex observations appear first, followed by the 25 most inverted. Data through close. Descriptive only, not a recommendation.
At a glance
50 tickers qualified. First five: IBRX (216.0 pp), KWEB (79.8 pp), SMMT (50.4 pp), DRAM (45.5 pp), WEAT (34.2 pp).
| # | Ticker | Close | Open interest | IV butterfly |
|---|---|---|---|---|
| 1 | IBRX | 9.18 | 633,602 | 216.0 pp |
| 2 | KWEB | 24.41 | 2,127,849 | 79.8 pp |
| 3 | SMMT | 14.63 | 201,755 | 50.4 pp |
| 4 | DRAM | 46.45 | 2,344,615 | 45.5 pp |
| 5 | WEAT | 24.00 | 148,344 | 34.2 pp |
| 6 | BULL | 6.07 | 1,007,854 | 32.4 pp |
| 7 | XLF | 55.51 | 5,341,360 | 32.0 pp |
| 8 | CPB | 19.87 | 170,676 | 28.6 pp |
| 9 | CRML | 6.97 | 331,704 | 28.4 pp |
| 10 | SPXW | 7,650.84 | 5,101,278 | 28.3 pp |
| 11 | NLY | 18.23 | 164,006 | 27.8 pp |
| 12 | KLAC | 165.74 | 360,824 | 27.7 pp |
| 13 | USB | 58.73 | 181,990 | 27.5 pp |
| 14 | EEM | 62.85 | 4,026,254 | 27.2 pp |
| 15 | BKNG | 163.45 | 595,487 | 26.3 pp |
| 16 | CLF | 12.12 | 686,045 | 25.5 pp |
| 17 | IOVA | 13.62 | 407,481 | 25.5 pp |
| 18 | KORU | 10.64 | 354,756 | 25.3 pp |
| 19 | CNQ | 53.80 | 121,830 | 24.4 pp |
| 20 | AVGO | 328.75 | 2,170,917 | 23.1 pp |
| 21 | STM | 45.39 | 306,811 | 22.0 pp |
| 22 | KKR | 86.21 | 258,084 | 22.0 pp |
| 23 | UBER | 70.35 | 1,262,366 | 21.6 pp |
| 24 | MULL | 16.94 | 145,766 | 20.3 pp |
| 25 | NCLH | 15.05 | 555,577 | 20.2 pp |
| 26 | XRT | 87.02 | 102,047 | -47.7 pp |
| 27 | MBLY | 7.22 | 259,167 | -33.5 pp |
| 28 | SOUN | 4.72 | 528,411 | -30.5 pp |
| 29 | CZR | 28.80 | 136,347 | -28.3 pp |
| 30 | FCEL | 13.00 | 119,887 | -25.8 pp |
| 31 | TSCO | 33.16 | 124,121 | -22.9 pp |
| 32 | RITM | 8.66 | 150,193 | -22.3 pp |
| 33 | AI | 11.32 | 200,700 | -21.1 pp |
| 34 | ZIM | 29.21 | 229,772 | -21.0 pp |
| 35 | BB | 8.06 | 511,885 | -20.7 pp |
| 36 | RGTI | 11.80 | 584,133 | -19.4 pp |
| 37 | CORZ | 13.48 | 1,282,854 | -19.2 pp |
| 38 | BSX | 44.39 | 844,554 | -18.5 pp |
| 39 | SBET | 7.57 | 643,283 | -18.3 pp |
| 40 | GIS | 33.13 | 205,980 | -18.2 pp |
| 41 | UVXY | 18.50 | 231,014 | -18.0 pp |
| 42 | HUT | 67.75 | 324,390 | -16.8 pp |
| 43 | U | 40.40 | 607,699 | -16.7 pp |
| 44 | CMG | 29.87 | 807,291 | -16.2 pp |
| 45 | PAAS | 44.21 | 234,655 | -15.8 pp |
| 46 | RUN | 7.30 | 541,590 | -15.6 pp |
| 47 | VZ | 44.79 | 915,621 | -14.8 pp |
| 48 | WULF | 11.68 | 3,038,476 | -14.7 pp |
| 49 | IBKR | 82.69 | 124,345 | -14.3 pp |
| 50 | MAGS | 71.28 | 188,373 | -13.8 pp |
Screens describe what the data shows after the close. They are not trade recommendations; see the disclaimer and the methodology.