{"id":234076,"date":"2025-11-07T09:39:01","date_gmt":"2025-11-07T14:39:01","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=234076"},"modified":"2025-11-10T11:17:04","modified_gmt":"2025-11-10T16:17:04","slug":"options-trading-with-cross-sectional-volatility-factors","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/options-trading-with-cross-sectional-volatility-factors\/","title":{"rendered":"Options Trading with Cross-Sectional Volatility Factors"},"content":{"rendered":"\n<p><em>The article &#8220;Options Trading with Cross-Sectional Volatility Factors&#8221; was originally posted on <a href=\"https:\/\/robotwealth.com\/options-trading-with-cross-sectional-volatility-factors\/\">Robot Wealth blog<\/a>.<\/em><\/p>\n\n\n\n<p>A few years ago, I got deep into the idea of constructing a long\/short equity options portfolio based on the kind of simple factor sorts that had been so successful in quant equity.<\/p>\n\n\n\n<p>My original intention was to set up an index and license it to fund managers.<\/p>\n\n\n\n<p>Of course, there are many reasons why this is a very hard business problem \u2013 so I never really got off the ground with it. But I do keep these factors in the back of my mind when I am trading options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Value Factor\u00a0<\/strong>\u2013 Options on value stocks tend to be overpriced relative to growth stocks. Short options on value stocks has produced significantly positive returns, independent of the value effect.<\/li>\n\n\n\n<li><strong>Size Factor\u00a0<\/strong>\u2013 Small-cap options tend to have overpriced volatility.<\/li>\n\n\n\n<li><strong>Idiosyncratic Vol Factor<\/strong>\u00a0\u2013 Options on stocks with high idiosyncratic volatility tend to be overpriced \/ options on stocks with low idiosyncratic volatility tend to be underpriced.<\/li>\n\n\n\n<li><strong>Beta Convexity Factor<\/strong>\u00a0\u2013 Options on stocks with convex betas to the index tend to be underpriced (high downside beta \/ low upside beta). Paul Wilmott uses this in his \u201cPlatinum Hedging\u201d Riskmetrics VAR model.<\/li>\n\n\n\n<li><strong>IV Term Structure Factor\u00a0<\/strong>\u2013 Options for which shorter-term IV is greater than longer-term IV tend to be underpriced. Options where shorter-term IV is less than longer-term IV tend to be overpriced.<\/li>\n\n\n\n<li><strong>IV Premium Factor\u00a0<\/strong>\u2013 Options with the lowest difference between historical realised and implied volatility tend to be underpriced. Options with large differences tend to be overpriced. This used to be an extremely effective factor \u2013 but this hasn\u2019t been the case for a while.<\/li>\n\n\n\n<li><strong>Momentum Volatility Factor<\/strong>\u00a0\u2013 Options on stocks with high absolute momentum tend to be underpriced. Options on stocks with low absolute momentum tend be overpriced.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"source-papers\">Source Papers<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1324605\">Ammann, Skovmand, Verhofen \u2013 Implied and Realized Volatility in the Cross-Section of Equity Options<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1786607\">Cao, Han \u2013 Cross-Section of Option Returns and Idiosyncratic Stock Volatility<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1944298\">Vasquez \u2013 Equity Volatility Term Structures and the Cross-Section of Option Returns<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=889947\">Goyal, Saretto \u2013 Option Returns and Volatility Mispricing<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"a-word-of-caution\">A Word of Caution<\/h2>\n\n\n\n<p>Be aware that the \u201ccross-section of options returns\u201d literature tends to make these effects look much juicier than they really are because:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>they don\u2019t tend to model the margin you need to hold on your shorts<\/li>\n\n\n\n<li>they tend to assume midpoint execution, which is optimistic for less liquid options.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A few years ago, I got deep into the idea of constructing a long\/short equity options portfolio based on the kind of simple factor sorts that had been so successful in quant equity.<\/p>\n","protected":false},"author":421,"featured_media":201670,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[339,338,341,9563],"tags":[5757,20762,20761,5381,4921,11991,860],"contributors-categories":[13676],"class_list":{"0":"post-234076","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-science","8":"category-ibkr-quant-news","9":"category-quant-development","10":"category-options-quant","11":"tag-factor-investing","12":"tag-long-short-portfolio","13":"tag-momentum-volatility","14":"tag-options-pricing","15":"tag-quantitative-finance","16":"tag-risk-metrics","17":"tag-volatility","18":"contributors-categories-robot-wealth"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin 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