Historical Rho (Options)
Returns the rho Greek for an option contract on a specific historical date. Rho measures the option price sensitivity to a 1% change in interest rates.
Parameters
| Parameter | Required | Description |
|---|---|---|
| Symbol | Yes | Option symbol (OCC format) |
| OnDate | Yes | Historical date (DATE function or string) |
Input Requirements
Use OptionSymbol() to generate the option symbol:
| Parameter | Source | Example |
|---|---|---|
| Symbol | OptionSymbol() output |
OptionSymbol("AAPL",DATE(2026,3,15),"Call",170) |
Understanding Rho
| Option Type | Rho Sign | Reason |
|---|---|---|
| Calls | Positive | Higher rates increase call values |
| Puts | Negative | Higher rates decrease put values |
| Characteristic | Description |
|---|---|
| Smaller impact | Rho is typically the smallest Greek |
| Increases with time | Longer-dated options have higher rho |
| Per 1% rate change | Shows $ change per 1% interest rate move |
Notes
- Rho is often the least significant Greek for short-term options
- Long-dated LEAPS options have more meaningful rho exposure
- Call rho is positive; put rho is negative
Examples
Using OptionSymbol() - RECOMMENDED
=opt_RhoHistorical(OptionSymbol("AAPL",DATE(2026,3,15),"Call",170),DATE(2025,12,15))Using raw OCC symbol
=opt_RhoHistorical("AAPL240315C00170000", DATE(2025,12,15))Put option rho (will be negative)
=opt_RhoHistorical(OptionSymbol("AAPL",DATE(2026,3,15),"Put",170),DATE(2025,12,15))Using cell references
=opt_RhoHistorical(A1, B1)LEAPS options have higher rho
=opt_RhoHistorical("AAPL260116C00200000", DATE(2025,12,15))When to Use
- Analyze interest rate exposure for LEAPS
- Backtest strategies during rate-change periods
- Study historical rate sensitivity
- Calculate complete position Greeks
- Analyze long-dated option pricing
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need current rho | opt_Rho() |
| Need historical delta | opt_DeltaHistorical() |
| Need historical theta | opt_ThetaHistorical() |
| Need all Greeks at once | opt_HistoricalOptionChain() |
Common Issues & FAQ
Q: Why is rho so small compared to other Greeks? A: Interest rate changes typically have a smaller impact on option values compared to price moves, volatility, or time decay. Rho matters more for long-dated options.
Q: Why is put rho negative? A: Higher interest rates reduce put values because the present value of the strike price (received at exercise) decreases.
Q: When does rho matter most? A: For LEAPS (options expiring 1+ year out) and during periods of significant interest rate changes.
Get Access to 1 Billion Usable Market data points IN YOUR EXCEL SHEETS WITH EASY TO USE EXCEL FUNCTIONS
Get started today
▶
How does MarketXLS work?