平滑收益，循阶布策

2025-02-012025-03-012025-04-012025-05-012025-06-01全品种IV均值沪金IV铜IV豆粕IV原油IV(右轴)螺纹IV 8%13%18%23%28%33%38%2025-01-01 -5%5%15%25%35%45%55%65%75%85% 5506006507007508008509002025-01-010%10%20%30%40%50%60%70%80%90%2025-02-012025-03-012025-04-012025-05-012025-06-01原油加权原油IV 4004505005506006502025-01-01 70.00%62.41%54.68%46.57%37.51%37.14%36.75%41.51%32.13%32.42%31.10%32.06%23.83%25.46%27.19%27.32%15.40%18.30%20.16%23.73%40日60日120日240日最大值四分之三分位数中位数四分之一分位数最小值 87.49%37.68%30.66%22.65%12.04%20日 (80.00)(60.00)(40.00)(20.00)0.0020.0040.0060.00SC备兑 26.76%22.74%18.29%16.22%14.13%13.53%13.68%12.69%10.93%11.39%11.29%11.97%8.66%8.70%9.74%9.85%4.88%5.41%7.57%8.48%40日60日120日240日最大值四分之三分位数中位数四分之一分位数最小值 32.64%14.00%10.24%8.22%3.92%20日 (160.00)(140.00)(120.00)(100.00)(80.00)(60.00)(40.00)(20.00)0.0020.0040.00AU空头 保护性看涨 2021-06-222021-07-222021-08-222021-09-222021-10-222021-11-222021-12-222022-01-222022-02-222022-03-222022-04-222022-05-222022-06-222022-07-222022-08-222022-09-222022-10-222022-11-222022-12-222023-01-222023-02-222023-03-222023-04-22原油加权 400450500550600650700750800850 2023-05-222023-06-222023-07-222023-08-222023-09-22