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 2026-08-06·40 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 0s 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

Brent Crude · 79.5% RV20

Most subdued

Natural Gas · 28.1% RV20

Symbol	Contract	RV10	RV20	RV60	RV120	%ile	20/120	Max 1D	Down share	5Y RV20 range
$BZUSD	Brent Crude	94.7	79.5	56.7	61.1	96	1.30	8.7%	50%	13 – 136
$DCUSD	Class III Milk	64.8	78.5	50.3	42.5	96	1.85	13.2%	35%	3 – 96
$CLUSD	Crude Oil (WTI)	85.7	71.8	53.6	65.7	95	1.09	8.1%	52%	16 – 151
$RBUSD	Gasoline RBOB	48.0	59.6	50.1	53.2	90	1.12	10.1%	53%	15 – 109
$GCUSD	Gold	25.2	24.5	24.4	25.8	90	0.95	3.3%	31%	8 – 54
$MGCUSD	Gold (Micro)	25.1	24.6	24.3	25.8	90	0.95	3.3%	32%	8 – 54
$KCUSX	Coffee	51.3	44.2	59.7	47.7	88	0.93	12.3%	29%	19 – 92
$CCUSD	Cocoa	70.7	68.3	69.3	66.0	85	1.03	10.0%	49%	12 – 134
$HEUSX	Lean Hogs	24.9	50.2	34.8	30.9	83	1.63	13.0%	95%	7 – 90
$HOUSD	Heating Oil	57.7	53.2	48.4	62.1	83	0.86	5.5%	41%	14 – 129
$KEUSX	Wheat	27.8	36.2	27.2	28.6	82	1.27	6.2%	28%	12 – 81
$NQUSD	Nasdaq 100	27.6	24.7	24.3	21.7	74	1.14	3.3%	41%	6 – 61
$OJUSX	Orange Juice	57.6	56.4	65.3	65.5	72	0.86	6.7%	41%	10 – 101
$PLUSD	Platinum	41.3	33.6	35.3	37.7	71	0.89	7.1%	16%	18 – 95
$YMUSD	Mini Dow	19.5	15.2	12.9	13.7	69	1.10	2.2%	50%	6 – 44
$SILUSD	Silver (Micro)	27.9	33.6	41.1	47.7	67	0.70	3.7%	47%	16 – 144
$SIUSD	Silver	27.6	33.5	41.0	47.8	67	0.70	3.7%	47%	16 – 144
$ZRUSD	Rough Rice	26.6	20.7	22.2	22.7	57	0.91	2.5%	47%	8 – 62
$ZCUSX	Corn	24.3	21.5	25.8	22.8	57	0.94	2.7%	45%	9 – 116
$GFUSX	Feeder Cattle	26.4	22.1	19.6	17.8	57	1.24	2.8%	64%	8 – 125
$ESUSD	E-mini S&P 500	16.3	14.1	13.3	13.8	55	1.02	1.9%	39%	6 – 51
$ZLUSX	Soybean Oil	21.6	30.5	35.9	31.3	55	0.98	4.5%	63%	15 – 63
$ZQUSD	30D Fed Funds	0.7	0.7	0.6	0.5	55	1.47	0.1%	54%	0 – 5
$PAUSD	Palladium	48.4	42.3	38.8	40.9	53	1.03	6.9%	24%	14 – 96
$LEUSX	Live Cattle	19.7	18.1	18.2	16.1	51	1.12	2.2%	64%	7 – 64
$ZSUSX	Soybeans	19.5	17.6	15.4	15.4	50	1.14	2.3%	65%	9 – 107
$SBUSX	Sugar	20.7	22.6	24.0	26.6	34	0.85	2.8%	36%	15 – 50
$CTUSX	Cotton	15.3	18.9	23.8	25.1	32	0.75	2.8%	51%	6 – 79
$ZBUSD	30Y T-Bond	11.5	8.8	7.3	8.0	31	1.10	1.2%	60%	4 – 19
$HGUSD	Copper	14.7	20.4	23.1	24.5	30	0.83	3.3%	25%	11 – 98
$ALIUSD	Aluminum	17.1	18.2	52.5	41.3	27	0.44	2.6%	38%	10 – 71
$ZFUSD	5Y T-Note	3.3	3.0	2.7	3.0	27	1.01	0.3%	53%	1 – 10
$ZNUSD	10Y T-Note	5.2	4.5	3.9	4.4	27	1.04	0.6%	53%	2 – 14
$ZTUSD	2Y T-Note	1.2	1.3	1.2	1.3	26	0.95	0.1%	47%	0 – 6
$ZMUSD	Soybean Meal	16.4	17.8	16.7	19.0	24	0.93	2.5%	51%	9 – 65
$DXUSD	US Dollar Index	5.9	5.0	4.4	4.7	22	1.07	0.9%	74%	3 – 17
$LBUSD	Lumber	10.4	20.3	15.2	17.9	22	1.14	2.8%	63%	8 – 138
$RTYUSD	Micro Russell 2000	18.6	15.1	16.8	18.9	14	0.80	2.1%	39%	9 – 50
$ZOUSX	Oats	24.2	23.6	34.7	33.7	13	0.70	3.5%	75%	13 – 117
$NGUSD	Natural Gas	32.5	28.1	40.7	39.9	0	0.70	3.8%	76%	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.