$HYG put skew closed Friday in the 82nd percentile of the past year. $CRWV 's closed in the 39th, even after an 11.7% drop last week and Musk's debt-market comments. CRWV 1M IV is 108%, yet downside puts trade at almost no premium to calls (+0.46 vols). If credit keeps leaking, CRWV downside is priced like nobody's worried.
在 X 查看 ↗