According to CoinMeta, when the implied volatility of stocks exceeds SPY, the prices of stock options soar, whereas the option prices of SPY remain relatively stable. Over the past ten weeks, the average implied volatility of certain stocks has been around 50%, while the average implied volatility of SPY was only 13.5%. This results in a gap of nearly 36% between the two, which is the highest level since 2016. Based on historical data, when the gap between the implied volatility of certain stocks and that of SPY expands to extreme levels, SPY options are typically undervalued. In the most recent week, the average implied volatility of certain stocks was 63%, while the implied volatility of SPY was about 16%, resulting in a ratio of approximately 3.9, which is at the 92nd percentile. Historical data shows that in such situations, the performance of SPY options is usually superior to that of individual stock options.