{
 "slug": "ivol-puzzle",
 "groups": 10,
 "as_of": "2026-05-31",
 "n_months": 89,
 "avg_per_group": 449.0,
 "base": {
  "all": 17.1,
  "tr": 23.2,
  "te": 13.1
 },
 "deciles": [
  {
   "g": 1,
   "ex": 1.6,
   "ex_tr": 1.0,
   "ex_te": 2.0
  },
  {
   "g": 2,
   "ex": 2.3,
   "ex_tr": 0.7,
   "ex_te": 3.3
  },
  {
   "g": 3,
   "ex": 2.1,
   "ex_tr": 2.8,
   "ex_te": 1.7
  },
  {
   "g": 4,
   "ex": 2.4,
   "ex_tr": 4.1,
   "ex_te": 1.3
  },
  {
   "g": 5,
   "ex": 2.2,
   "ex_tr": 6.8,
   "ex_te": -0.5
  },
  {
   "g": 6,
   "ex": 1.6,
   "ex_tr": 3.5,
   "ex_te": 0.4
  },
  {
   "g": 7,
   "ex": 1.5,
   "ex_tr": 3.1,
   "ex_te": 0.5
  },
  {
   "g": 8,
   "ex": 1.1,
   "ex_tr": 3.1,
   "ex_te": -0.1
  },
  {
   "g": 9,
   "ex": -5.3,
   "ex_tr": -7.4,
   "ex_te": -3.9
  },
  {
   "g": 10,
   "ex": -11.6,
   "ex_tr": -18.4,
   "ex_te": -7.1
  }
 ],
 "spread": {
  "monthly_mean_pct": -0.84,
  "t_stat": -1.31,
  "win_rate": 44.0,
  "ann_top_minus_bottom": -13.2
 },
 "size_neutral_ann": -12.0,
 "monotonic_spearman": -0.79,
 "yearly": [
  {
   "year": 2019,
   "top_ex": -16.6,
   "bot_ex": -4.6
  },
  {
   "year": 2020,
   "top_ex": -11.5,
   "bot_ex": -3.1
  },
  {
   "year": 2021,
   "top_ex": -27.2,
   "bot_ex": 11.5
  },
  {
   "year": 2022,
   "top_ex": -24.4,
   "bot_ex": 13.0
  },
  {
   "year": 2023,
   "top_ex": 1.4,
   "bot_ex": 8.7
  },
  {
   "year": 2024,
   "top_ex": -20.3,
   "bot_ex": 4.6
  },
  {
   "year": 2025,
   "top_ex": -5.3,
   "bot_ex": -5.2
  },
  {
   "year": 2026,
   "top_ex": 16.4,
   "bot_ex": -12.1
  }
 ],
 "nav": {
  "dates": [
   "2019-01-31",
   "2019-02-28",
   "2019-03-31",
   "2019-04-30",
   "2019-05-31",
   "2019-06-30",
   "2019-07-31",
   "2019-08-31",
   "2019-09-30",
   "2019-10-31",
   "2019-11-30",
   "2019-12-31",
   "2020-01-31",
   "2020-02-29",
   "2020-03-31",
   "2020-04-30",
   "2020-05-31",
   "2020-06-30",
   "2020-07-31",
   "2020-08-31",
   "2020-09-30",
   "2020-10-31",
   "2020-11-30",
   "2020-12-31",
   "2021-01-31",
   "2021-02-28",
   "2021-03-31",
   "2021-04-30",
   "2021-05-31",
   "2021-06-30",
   "2021-07-31",
   "2021-08-31",
   "2021-09-30",
   "2021-10-31",
   "2021-11-30",
   "2021-12-31",
   "2022-01-31",
   "2022-02-28",
   "2022-03-31",
   "2022-04-30",
   "2022-05-31",
   "2022-06-30",
   "2022-07-31",
   "2022-08-31",
   "2022-09-30",
   "2022-10-31",
   "2022-11-30",
   "2022-12-31",
   "2023-01-31",
   "2023-02-28",
   "2023-03-31",
   "2023-04-30",
   "2023-05-31",
   "2023-06-30",
   "2023-07-31",
   "2023-08-31",
   "2023-09-30",
   "2023-10-31",
   "2023-11-30",
   "2023-12-31",
   "2024-01-31",
   "2024-02-29",
   "2024-03-31",
   "2024-04-30",
   "2024-05-31",
   "2024-06-30",
   "2024-07-31",
   "2024-08-31",
   "2024-09-30",
   "2024-10-31",
   "2024-11-30",
   "2024-12-31",
   "2025-01-31",
   "2025-02-28",
   "2025-03-31",
   "2025-04-30",
   "2025-05-31",
   "2025-06-30",
   "2025-07-31",
   "2025-08-31",
   "2025-09-30",
   "2025-10-31",
   "2025-11-30",
   "2025-12-31",
   "2026-01-31",
   "2026-02-28",
   "2026-03-31",
   "2026-04-30",
   "2026-05-31"
  ],
  "top": [
   1.275,
   1.401,
   1.298,
   1.198,
   1.152,
   1.079,
   1.095,
   1.079,
   1.057,
   1.008,
   1.103,
   1.151,
   1.209,
   1.058,
   1.081,
   1.106,
   1.203,
   1.366,
   1.311,
   1.249,
   1.327,
   1.304,
   1.275,
   1.164,
   1.148,
   1.13,
   1.116,
   1.234,
   1.268,
   1.295,
   1.383,
   1.297,
   1.271,
   1.373,
   1.321,
   1.151,
   1.211,
   1.176,
   0.94,
   1.011,
   1.055,
   1.134,
   1.032,
   0.933,
   0.957,
   0.975,
   0.911,
   0.941,
   0.946,
   0.968,
   0.955,
   0.985,
   1.007,
   0.935,
   0.923,
   0.874,
   0.869,
   0.9,
   1.025,
   0.805,
   0.848,
   0.855,
   0.791,
   0.782,
   0.703,
   0.708,
   0.66,
   0.815,
   1.002,
   1.045,
   0.895,
   0.886,
   0.994,
   0.951,
   1.008,
   1.097,
   1.151,
   1.176,
   1.283,
   1.264,
   1.255,
   1.251,
   1.277,
   1.357,
   1.4,
   1.225,
   1.343,
   1.385,
   1.489
  ],
  "bot": [
   1.186,
   1.311,
   1.297,
   1.254,
   1.266,
   1.251,
   1.214,
   1.228,
   1.231,
   1.206,
   1.292,
   1.271,
   1.206,
   1.226,
   1.24,
   1.279,
   1.336,
   1.5,
   1.589,
   1.482,
   1.476,
   1.562,
   1.491,
   1.391,
   1.456,
   1.549,
   1.564,
   1.623,
   1.657,
   1.601,
   1.735,
   1.79,
   1.733,
   1.86,
   1.995,
   1.914,
   2.001,
   1.918,
   1.668,
   1.864,
   2.006,
   2.068,
   2.058,
   1.902,
   2.01,
   2.184,
   2.09,
   2.281,
   2.378,
   2.338,
   2.276,
   2.301,
   2.345,
   2.479,
   2.379,
   2.392,
   2.36,
   2.53,
   2.485,
   2.118,
   2.252,
   2.371,
   2.427,
   2.375,
   2.163,
   2.202,
   2.145,
   2.625,
   2.767,
   2.989,
   2.89,
   2.857,
   3.071,
   3.147,
   3.142,
   3.279,
   3.496,
   3.738,
   3.955,
   3.935,
   4.058,
   4.044,
   4.085,
   4.377,
   4.486,
   4.038,
   4.188,
   3.921,
   3.557
  ],
  "mk": [
   1.221,
   1.347,
   1.296,
   1.235,
   1.243,
   1.224,
   1.212,
   1.231,
   1.226,
   1.202,
   1.304,
   1.317,
   1.319,
   1.268,
   1.306,
   1.337,
   1.438,
   1.63,
   1.683,
   1.577,
   1.586,
   1.633,
   1.581,
   1.483,
   1.528,
   1.557,
   1.571,
   1.674,
   1.733,
   1.735,
   1.849,
   1.837,
   1.799,
   1.998,
   2.055,
   1.87,
   1.951,
   1.839,
   1.569,
   1.738,
   1.882,
   1.938,
   1.876,
   1.714,
   1.778,
   1.912,
   1.835,
   1.986,
   2.046,
   2.024,
   1.974,
   1.987,
   2.036,
   2.055,
   1.974,
   1.971,
   1.95,
   2.056,
   2.049,
   1.671,
   1.789,
   1.861,
   1.838,
   1.821,
   1.675,
   1.689,
   1.623,
   2.002,
   2.205,
   2.325,
   2.207,
   2.178,
   2.359,
   2.368,
   2.4,
   2.523,
   2.686,
   2.831,
   3.075,
   3.105,
   3.155,
   3.125,
   3.192,
   3.45,
   3.583,
   3.231,
   3.456,
   3.357,
   3.22
  ]
 }
}