Options/XHB

XHBState Street SPDR S&P Homebuilders ETF

Options Analysis Report

AUM $1.3B|ARCX

● 2026-09-11$96.91

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -18.4%YTD -7.3%7D -6.1%

Options Vol

5,263

30D

Implied Move

±9.3%

IV Rank

11%

XHB Options Overview

bearish flow with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

Loading score history...

XHB Gamma Walls

Loading gamma walls...

XHB Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where XHB sits on protection cost vs. fragility today.

Protection is priced in the fair band (4.82) — downside puts carry 1.3 IV points more than at-the-money, and implied vol sits in the 11th percentile of its own past year, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.8): it is trading 3% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

4.82/ 10fair

Basis: cross_sectional

Fragility

5.80/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

5.1

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 50.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.58x — IV premium over HV

Sector Relative≤50%

Sector percentile 69% — above sector median

Term Structure

<1.1x

Front/Back 1.29x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 35.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 54.7% (ATM 35.4% + spread 9.7% + bias) — good value

Execution Efficiency

<3.0%

Total drag 13.20% (spread 9.65% + slippage 3.55%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 10.76 (vega 10.381 / spread 9.65%) — efficient

Sentiment

Bullish or bearish?

4.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +18%, Raw: +18%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +18% (bullish) — Raw: +18%

OI Skew Magnitude

≥15%

|OI skew| 3.6% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -67.2%, OI skew +3.6% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 17%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +30%, ATM: +13%, OTM: +15% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 96% — very bearish vs sector

Activity

Unusual activity?

4.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 1.1x avg — normal

Turnover Rate

≥15%

Vol/OI 4.6% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +16.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 67% — active vs sector

Trade Quality

≥30%

Large trade volume 20% — mixed

Execution Urgency

≥60%

Aggressive execution 18% — patient

Flow Conviction

≥30

Conviction +18 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.1

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.7% — wide

Adequate OI

≥10,000

OI 114,879 — deep

Active Volume

≥500

Volume 5,263/day — active

Reasonable Cost

≤$0.50

$0.48 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 77% — wider than sector

Order Book Depth

≥100 contracts

Depth 210.6 contracts (bid:133.0 ask:77.6) — adequate

Execution Quality

<1.0%

Avg slippage 3.55% — poor

Timing

Is now a good time?

6.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +28.5% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 51% — neutral

Event Detection

≥10pts kink

IV kink 7.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 171.30 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +18% @ 59% consistency — unclear

Smart Money Timing

≥40 composite score

Score 50 (ITM 20% + inst 20%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls5.0

bullishIV fair, mixed flow

Long Puts5.2

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put4.9

bullishIV fair, mixed flow

Covered Call5.0

bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on XHB

XHB gamma walls XHB option chain XHB max pain XHB expected move XHB IV rank XHB put/call ratio XHB options flow