ResearchBenchmarksOption Hedging on SPY ATM 2025Q2Option Hedging on SPY ATM 2025Q2Follow17.711ES 5%BS17.6508818.0566918.462518.86831Feb 1, 2026Evaluation resultsMethodMethodLinksES 5%ES 10%Shortfall ProbabilityBStau=14, n_days=62tau=14, n_days=622026.0217.711——BSMaturity (τ)=28d, Equa...Maturity (τ)=28d, Equal-day weighting=true, n_days=622026.0219.214——JDtau=14, n_days=62tau=14, n_days=622026.02—13.38584JDMaturity (τ)=28d, Equa...Maturity (τ)=28d, Equal-day weighting=true, n_days=622026.02—13.99553