Futures Volatility Board

Board Volatility Correlations Seasonality Spreads

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 2026-08-05·40 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 2m ago

Vol regime

20 / 40

contracts with 20D vol above 120D

Median percentile

universe-wide 20D vol rank

Vol rich

at or above their 80th percentile

Vol cheap

at or below their 20th percentile

Most stretched

Coffee · 61.8% RV20

Most subdued

Natural Gas · 27.7% RV20

Symbol	Contract	RV10	RV20	RV60	RV120	%ile	20/120	Max 1D	Down share	5Y RV20 range
$KCUSX	Coffee	49.7	61.8	59.5	47.4	98	1.30	12.3%	32%	19 – 92
$DCUSD	Class III Milk	64.9	81.1	50.2	42.9	97	1.89	13.2%	33%	3 – 96
$BZUSD	Brent Crude	88.0	78.3	55.5	60.8	96	1.29	8.7%	53%	13 – 136
$CLUSD	Crude Oil (WTI)	80.9	71.5	52.9	65.9	95	1.08	8.1%	55%	16 – 151
$MGCUSD	Gold (Micro)	24.9	24.8	24.3	25.8	90	0.96	3.3%	32%	8 – 54
$GCUSD	Gold	24.9	24.8	24.4	25.8	90	0.96	3.3%	32%	8 – 54
$RBUSD	Gasoline RBOB	47.1	59.2	49.6	52.9	89	1.12	10.1%	51%	15 – 109
$CCUSD	Cocoa	69.6	72.5	73.5	66.2	88	1.10	10.0%	46%	12 – 134
$HEUSX	Lean Hogs	25.5	50.2	34.9	30.8	83	1.63	13.0%	91%	7 – 90
$HOUSD	Heating Oil	53.4	52.2	47.7	61.9	82	0.84	5.5%	44%	14 – 129
$KEUSX	Wheat	27.0	35.8	26.9	28.5	81	1.26	6.2%	30%	12 – 81
$NQUSD	Nasdaq 100	28.6	24.7	24.3	21.8	74	1.14	3.3%	41%	6 – 61
$OJUSX	Orange Juice	54.6	58.1	64.8	66.3	73	0.88	6.7%	39%	10 – 101
$PLUSD	Platinum	40.6	33.6	35.3	37.6	71	0.89	7.1%	16%	18 – 95
$SILUSD	Silver (Micro)	28.2	34.3	41.0	47.7	70	0.72	3.7%	48%	16 – 144
$SIUSD	Silver	27.9	34.2	41.0	47.8	69	0.71	3.7%	48%	16 – 144
$YMUSD	Mini Dow	17.2	14.3	12.5	13.6	65	1.05	2.2%	44%	6 – 44
$ZQUSD	30D Fed Funds	0.7	0.7	0.6	0.5	58	1.54	0.1%	55%	0 – 5
$ZCUSX	Corn	24.0	21.6	25.8	22.8	58	0.95	2.7%	46%	9 – 116
$ZRUSD	Rough Rice	26.3	20.7	22.1	22.7	57	0.91	2.5%	51%	8 – 62
$GFUSX	Feeder Cattle	24.4	22.1	19.4	17.6	57	1.25	2.8%	61%	8 – 125
$ESUSD	E-mini S&P 500	15.9	14.0	13.2	13.8	55	1.01	1.9%	38%	6 – 51
$ZLUSX	Soybean Oil	28.7	30.3	36.0	31.3	55	0.97	4.9%	48%	15 – 63
$PAUSD	Palladium	48.8	42.7	38.8	41.0	54	1.04	6.9%	23%	14 – 96
$LEUSX	Live Cattle	17.3	17.5	18.0	16.0	49	1.10	2.2%	60%	7 – 64
$ZSUSX	Soybeans	18.5	17.4	15.4	15.6	49	1.11	2.3%	66%	9 – 107
$CTUSX	Cotton	15.6	19.1	23.9	25.2	33	0.76	2.8%	51%	6 – 79
$ALIUSD	Aluminum	17.0	19.0	52.5	41.3	32	0.46	2.6%	39%	10 – 71
$HGUSD	Copper	14.8	20.6	23.2	24.6	31	0.84	3.3%	26%	11 – 98
$ZMUSD	Soybean Meal	15.9	17.8	16.7	19.2	24	0.93	2.5%	55%	9 – 65
$ZFUSD	5Y T-Note	2.9	2.9	2.7	3.0	24	0.97	0.3%	50%	1 – 10
$ZBUSD	30Y T-Bond	10.5	8.3	7.1	7.9	24	1.05	1.2%	54%	4 – 19
$ZNUSD	10Y T-Note	4.8	4.3	3.8	4.3	24	1.00	0.6%	50%	2 – 14
$ZTUSD	2Y T-Note	1.0	1.2	1.2	1.3	23	0.92	0.1%	46%	0 – 6
$LBUSD	Lumber	11.0	20.3	15.2	17.9	22	1.14	2.8%	62%	8 – 138
$DXUSD	US Dollar Index	5.6	5.0	4.4	4.9	21	1.03	0.9%	76%	3 – 17
$SBUSX	Sugar	17.1	20.4	23.5	26.3	16	0.78	2.8%	45%	15 – 50
$RTYUSD	Micro Russell 2000	18.2	15.0	16.7	18.8	14	0.79	2.1%	37%	9 – 50
$ZOUSX	Oats	22.3	22.8	34.6	33.7	11	0.68	3.5%	68%	13 – 117
$NGUSD	Natural Gas	32.3	27.7	40.5	40.0	0	0.69	3.8%	77%	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.