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COMMANDS Global: GP Symbol: IBM FA
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Futures Volatility Board

Annualized realized volatility at four lookbacks, with each contract’s 20-day vol ranked against its own five-year history. A contract at the 95th percentile is expensive for itself — that comparison holds across the board in a way raw vol never does.

Analytics as of 2026-09-13·40 continuous front-month contracts·LIVE today’s bar is still forming and is excluded from all statistics·realized vol only — the DB holds no futures options, so there is no implied vol to compare against·computed 4m ago
Vol regime
19 / 40
contracts with 20D vol above 120D
Median percentile
60
universe-wide 20D vol rank
Vol rich
6
at or above their 80th percentile
Vol cheap
6
at or below their 20th percentile
Most stretched
94
Corn · 42.1% RV20
Most subdued
1
Natural Gas · 30.1% RV20
SymbolContractRV10RV20RV60RV120%ile20/120Max 1DDown share5Y RV20 range
$ZCUSXCorn11.542.137.932.5941.307.8%26%9 – 116
$SBUSXSugar38.934.229.728.6891.193.6%40%15 – 50
$GCUSDGold23.324.622.322.4891.092.9%45%8 – 54
$MGCUSDGold (Micro)22.624.222.122.4891.082.9%45%8 – 54
$PLUSDPlatinum45.141.136.336.2881.146.1%48%18 – 95
$RBUSDGasoline RBOB56.656.155.049.7841.139.9%70%15 – 109
$PAUSDPalladium54.451.743.039.8791.306.7%47%14 – 96
$SILUSDSilver (Micro)42.038.735.543.0770.905.4%52%16 – 144
$SIUSDSilver42.038.735.543.1770.905.4%52%16 – 144
$HOUSDHeating Oil62.249.749.950.9770.986.0%34%14 – 129
$KCUSXCoffee20.138.962.549.4710.795.9%52%19 – 92
$BZUSDBrent Crude41.939.251.451.0710.776.3%21%13 – 136
$HGUSDCopper33.026.721.823.9701.125.0%66%11 – 98
$ZQUSD30D Fed Funds1.30.90.80.6691.580.2%59%0 – 5
$CLUSDCrude Oil (WTI)42.738.847.152.7650.746.7%15%16 – 151
$CTUSXCotton27.227.822.826.9641.033.7%45%6 – 79
$CCUSDCocoa56.450.464.164.3610.787.7%33%12 – 134
$OJUSXOrange Juice57.150.855.560.0610.856.0%49%10 – 101
$ZSUSXSoybeans21.618.416.615.7601.172.7%30%9 – 107
$DCUSDClass III Milk24.927.849.738.7600.724.8%54%3 – 96
$ZRUSDRough Rice8.621.120.822.3590.953.8%18%8 – 62
$KEUSXWheat27.029.831.829.5581.014.9%30%12 – 81
$GFUSXFeeder Cattle14.419.617.317.6531.113.5%68%8 – 125
$ZTUSD2Y T-Note2.11.91.41.4511.380.3%87%0 – 6
$ZLUSXSoybean Oil24.027.830.031.2430.893.8%46%15 – 63
$LEUSXLive Cattle16.915.815.116.0380.982.0%51%7 – 64
$ALIUSDAluminum23.819.426.339.5350.492.2%54%10 – 71
$YMUSDMini Dow12.510.911.212.0340.911.3%60%6 – 44
$ZOUSXOats23.328.525.631.9330.895.2%21%13 – 117
$ZBUSD30Y T-Bond7.99.07.67.7331.181.2%58%4 – 19
$ZMUSDSoybean Meal16.218.717.717.2301.093.1%16%9 – 65
$HEUSXLean Hogs23.919.133.330.0270.642.4%51%7 – 90
$ZFUSD5Y T-Note3.33.12.82.9271.060.5%87%1 – 10
$ZNUSD10Y T-Note4.54.54.04.2261.080.7%81%2 – 14
$LBUSDLumber18.516.416.215.8151.041.9%45%8 – 138
$NQUSDNasdaq 10013.413.319.220.1140.661.7%68%6 – 61
$ESUSDE-mini S&P 50010.08.710.511.5100.761.0%57%6 – 51
$DXUSDUS Dollar Index4.74.34.54.590.960.7%51%3 – 17
$RTYUSDMicro Russell 200012.712.512.616.340.771.4%80%9 – 50
$NGUSDNatural Gas29.830.133.639.810.763.2%40%27 – 257

RV10–RV120 are annualized standard deviations of daily close-to-close returns (×√252), in percent. %ile is where the current RV20 sits in that contract’s own five-year distribution of RV20 — it uses the sequential teal ramp because it is a magnitude, not a direction. 20/120 is RV20 ÷ RV120 on the red/green diverging ramp centred on 1.00: above parity vol is expanding, below it is bleeding out. Down share is the fraction of the last 21 sessions’ squared returns contributed by down days — above 50% means the recent vol came mostly from falls. History starts 2021-08-03, so the percentile is drawn from roughly five years and one vol cycle; treat extremes as a prompt to look, not as a signal.

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