MarketXLS

Ex-Earnings Implied Volatility 30 Day

Returns the 30-day implied volatility with the earnings event premium removed. This is one of the most commonly used ex-earnings IV metrics, as it corresponds to monthly options cycles.

Why Ex-Earnings IV?

Options prices include extra premium when an earnings announcement falls within the option's expiration window. This function removes that premium to show:

  • The "true" underlying volatility expectation
  • Better comparison across time periods (with and without earnings)
  • More accurate volatility for non-earnings related strategies

Parameters

Parameter Required Description
Symbol Yes Stock ticker symbol (e.g., AAPL, TSLA)
StartDate No Historical date for IV lookup

Notes

  • Most popular ex-earnings IV metric due to monthly options cycles
  • Useful for VIX-like comparisons (VIX is based on 30-day options)
  • Helps identify if elevated IV is due to earnings or market conditions

Syntax

=ExEarningsImpliedVolatility30d(Symbol, [StartDate])
Excel Desktop (Windows)

Parameters

symbolstringRequired

Stock ticker symbol

startDatedate

Historical date for IV lookup (YYYY-MM-DD format or Excel DATE())

Returns

number

30-day implied volatility excluding earnings premium as a decimal

Examples

=ExEarningsImpliedVolatility30d("AAPL")
Current ex-earnings 30d IV
=ExEarningsImpliedVolatility30d("TSLA")
Tesla ex-earnings 30d IV
=ExEarningsImpliedVolatility30d("NVDA")
NVIDIA ex-earnings 30d IV
=ExEarningsImpliedVolatility30d("AAPL", DATE(2024,6,15))
Historical ex-earnings IV
=ExEarningsImpliedVolatility30d(A1)
Symbol from cell reference

When to Use

  • Analyzing base volatility without earnings noise
  • Comparing volatility levels across earnings cycles
  • Identifying if IV is elevated due to earnings or other factors
  • Setting up non-earnings related volatility trades
  • Volatility analysis aligned with VIX methodology

When NOT to Use

Scenario Use Instead
Need total IV including earnings ImpliedVolatility30d()
Need 10-day ex-earnings IV ExEarningsImpliedVolatility10d()
Need 20-day ex-earnings IV ExEarningsImpliedVolatility20d()
Need 60-day ex-earnings IV ExEarningsImpliedVolatility60d()
Need 90-day ex-earnings IV ExEarningsImpliedVolatility90d()

Common Issues & FAQ

What is earnings premium?

Earnings premium is the extra implied volatility priced into options when an earnings announcement is expected before expiration. Stocks can move significantly on earnings, so options reflecting this risk trade at higher IV.

How do I calculate the earnings premium?

Subtract ex-earnings IV from total IV:

Why is 30-day ex-earnings IV so commonly used?

30-day IV aligns with monthly options cycles and the VIX index methodology, making it a standard benchmark for volatility analysis.

Related Formulas

More MarketXLS Options formulas you can use in the same worksheet:

See ExEarningsImpliedVolatility30d used in a complete workbook: Semiconductor Earnings Tracker Excel: Q1 2026 AI Demand Watchlist

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