research
·
Apr 6, 2026
·
12 min read
Volatility Smile vs Skew: What's the Difference?
SPY's 25-delta put carries an implied volatility of 29.2%. The same-delta call sits at 16.7%. That's a 12.6 percentage point gap, and it tells you something that most options textbooks get wrong from page one.
Every introductory course draws a symmetric U-shape for
Read article →