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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 2026-09-20·40 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
Vol regime
16 / 40
contracts with 20D vol above 120D
Median percentile
52
universe-wide 20D vol rank
Vol rich
3
at or above their 80th percentile
Vol cheap
7
at or below their 20th percentile
Most stretched
94
Sugar · 37.9% RV20
Most subdued
0
Natural Gas · 25.8% RV20
SymbolContractRV10RV20RV60RV120%ile20/120Max 1DDown share5Y RV20 range
$SBUSXSugar37.637.931.429.3941.294.9%44%15 – 50
$RBUSDGasoline RBOB57.055.854.748.6841.159.9%69%15 – 109
$CLUSDCrude Oil (WTI)60.448.249.150.4810.966.7%37%16 – 151
$HOUSDHeating Oil61.350.750.947.3791.076.1%33%14 – 129
$MGCUSDGold (Micro)14.720.122.122.1780.912.9%63%8 – 54
$GCUSDGold12.719.422.022.0760.882.9%65%8 – 54
$BZUSDBrent Crude47.741.150.848.5750.856.3%31%13 – 136
$HGUSDCopper34.827.622.224.1741.145.0%62%11 – 98
$PAUSDPalladium38.249.242.839.7731.246.7%47%14 – 96
$PLUSDPlatinum38.834.135.035.9720.956.1%62%18 – 95
$ZQUSD30D Fed Funds1.20.90.80.6691.570.2%64%0 – 5
$OJUSXOrange Juice46.855.155.459.5690.936.0%54%10 – 101
$CCUSDCocoa46.254.663.065.4680.837.7%57%12 – 134
$SILUSDSilver (Micro)39.233.935.642.2670.805.4%58%16 – 144
$SIUSDSilver39.233.935.642.2670.805.4%58%16 – 144
$CTUSXCotton21.126.822.927.3610.983.7%66%6 – 79
$DCUSDClass III Milk15.227.448.838.1600.724.8%62%3 – 96
$ZCUSXCorn12.421.937.332.4590.685.1%14%9 – 116
$KCUSXCoffee21.435.662.549.0560.735.9%62%19 – 92
$ZTUSD2Y T-Note2.01.91.51.4541.420.3%87%0 – 6
$LEUSXLive Cattle17.117.215.516.1491.062.0%47%7 – 64
$GFUSXFeeder Cattle19.518.418.017.8491.042.1%45%8 – 125
$ZMUSDSoybean Meal26.423.119.218.1481.283.4%38%9 – 65
$ZSUSXSoybeans19.617.115.915.8471.092.7%35%9 – 107
$ZOUSXOats35.930.227.731.8400.955.2%19%13 – 117
$ZLUSXSoybean Oil22.726.728.830.9380.873.8%42%15 – 63
$KEUSXWheat21.624.431.328.4320.864.9%30%12 – 81
$ZFUSD5Y T-Note3.53.22.82.9301.130.5%84%1 – 10
$HEUSXLean Hogs21.419.833.230.3290.652.4%57%7 – 90
$YMUSDMini Dow10.310.411.511.7290.881.2%61%6 – 44
$ZNUSD10Y T-Note5.24.74.14.2291.120.7%77%2 – 14
$ALIUSDAluminum20.717.123.739.3210.442.2%52%10 – 71
$ZBUSD30Y T-Bond9.78.07.77.7201.041.2%63%4 – 19
$LBUSDLumber18.117.616.715.7191.122.4%70%8 – 138
$DXUSDUS Dollar Index3.64.74.74.3151.100.7%40%3 – 17
$ESUSDE-mini S&P 5009.39.010.511.4120.791.1%36%6 – 51
$NQUSDNasdaq 10012.812.318.420.0100.621.7%38%6 – 61
$ZRUSDRough Rice10.510.919.822.030.503.1%18%8 – 62
$RTYUSDMicro Russell 200010.411.212.715.810.711.4%77%9 – 50
$NGUSDNatural Gas23.025.831.839.700.653.2%41%25 – 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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