Cboe Global Markets (CBOE) seasonality heatmap
Returns across monthly, quarterly, and yearly periods. Cell color encodes signed magnitude; the scale auto-fits each table.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +5.6% | +13.4% | -6.3% | +6.9% | +11.2% | -11.6% | — | — | — | — | — | — |
| 2025 | +4.6% | +3.5% | +7.3% | -2.0% | +3.6% | +1.8% | +3.4% | -1.8% | +3.9% | +0.2% | +5.4% | -2.8% |
| 2024 | +3.0% | +4.7% | -4.3% | -1.4% | -4.2% | -1.7% | +7.9% | +12.3% | -0.3% | +4.2% | +1.4% | -9.5% |
| 2023 | -2.1% | +3.1% | +6.4% | +4.1% | -4.9% | +4.2% | +1.2% | +7.6% | +4.3% | +4.9% | +11.5% | -2.0% |
| 2022 | -9.1% | -0.6% | -2.4% | -1.3% | -0.1% | +0.8% | +9.0% | -4.0% | -0.5% | +6.1% | +2.3% | -1.1% |
| 2021 | -1.5% | +8.3% | -0.3% | +5.8% | +7.0% | +7.0% | -0.5% | +6.9% | -1.8% | +6.5% | -1.9% | +1.1% |
| 2020 | +2.7% | -7.2% | -21.7% | +11.3% | +7.5% | -12.4% | -6.0% | +5.1% | -4.4% | -7.4% | +12.9% | +2.0% |
| 2019 | -4.7% | +3.2% | -0.5% | +6.5% | +7.1% | -4.5% | +5.5% | +9.3% | -3.6% | +0.2% | +3.6% | +0.9% |
| 2018 | +7.9% | -16.7% | +2.1% | -6.4% | -8.4% | +6.7% | -6.7% | +4.1% | -4.8% | +17.6% | -4.4% | -9.1% |
| 2017 | +7.7% | -1.6% | +3.9% | +1.7% | +5.1% | +5.8% | +3.4% | +7.0% | +6.7% | +5.1% | +9.4% | +0.9% |
| 2016 | +2.7% | -6.2% | +4.9% | -5.2% | +2.7% | +5.0% | +3.3% | +0.2% | -5.6% | -2.5% | +9.4% | +7.3% |
| 2015 | +1.7% | -6.6% | -4.4% | -2.0% | +4.4% | -2.2% | +8.3% | +2.1% | +6.4% | -0.1% | +7.7% | -9.8% |
| 2014 | +0.1% | +4.2% | +4.8% | -5.7% | -4.7% | -2.9% | -1.5% | +9.8% | +0.9% | +10.1% | +2.0% | +5.9% |
| 2013 | +15.0% | +6.5% | +2.8% | +1.6% | +7.4% | +16.2% | +7.4% | -8.0% | -1.4% | +7.1% | +8.3% | +0.4% |
| 2012 | -1.1% | +8.2% | +3.1% | -7.0% | -4.0% | +9.6% | +2.9% | +0.4% | +3.4% | +0.2% | +2.3% | +0.7% |
| 2011 | +0.7% | +28.6% | -1.7% | -7.4% | -1.9% | -6.2% | -6.3% | +10.1% | -3.1% | +6.8% | +3.5% | -3.9% |
| 2010 | — | — | — | — | — | — | -18.3% | -21.4% | -2.9% | +18.9% | -0.9% | -3.5% |
| Avg | +2.1% | +2.8% | -0.4% | -0.0% | +1.7% | +1.8% | +0.8% | +2.5% | -0.2% | +4.9% | +4.5% | -1.4% |
| Median | +2.2% | +3.3% | +0.9% | -1.3% | +3.2% | +1.8% | +3.1% | +4.6% | -1.0% | +5.0% | +3.5% | -0.4% |
| Last 5Y Avg | +0.4% | +4.8% | +0.1% | +1.3% | +1.1% | +2.4% | +4.2% | +4.2% | +1.1% | +4.4% | +3.7% | -2.8% |
| Std Dev (σ) | 5.6% | 10.1% | 7.0% | 5.7% | 5.8% | 7.1% | 7.3% | 8.5% | 4.0% | 6.8% | 5.0% | 5.0% |
| Consistency (μ/σ) | 0.37 | 0.28 | -0.06 | -0.01 | 0.30 | 0.26 | 0.11 | 0.29 | -0.04 | 0.72 | 0.91 | -0.28 |
| Win Rate (%) | 69% | 63% | 50% | 44% | 56% | 60% | 63% | 75% | 38% | 81% | 81% | 50% |
| Winning / Losing Months | ▲11▼5 | ▲10▼6 | ▲8▼8 | ▲7▼9 | ▲9▼7 | ▲9▼6 | ▲10▼6 | ▲12▼4 | ▲6▼10 | ▲13▼3 | ▲13▼3 | ▲8▼8 |
| Longest Win / Loss Streak | ▲6▼3 | ▲4▼4 | ▲3▼4 | ▲3▼3 | ▲3▼3 | ▲3▼2 | ▲4▼2 | ▲8▼1 | ▲2▼5 | ▲5▼2 | ▲7▼1 | ▲3▼4 |
| Best | +15.0%in January 2013 | +28.6%in February 2011 | +7.3%in March 2025 | +11.3%in April 2020 | +11.2%in May 2026 | +16.2%in June 2013 | +9.0%in July 2022 | +12.3%in August 2024 | +6.7%in September 2017 | +18.9%in October 2010 | +12.9%in November 2020 | +7.3%in December 2016 |
| Worst | -9.1%in January 2022 | -16.7%in February 2018 | -21.7%in March 2020 | -7.4%in April 2011 | -8.4%in May 2018 | -12.4%in June 2020 | -18.3%in July 2010 | -21.4%in August 2010 | -5.6%in September 2016 | -7.4%in October 2020 | -4.4%in November 2018 | -9.8%in December 2015 |
−21.7%+28.6%
2026
Jan+5.6%
Feb+13.4%
Mar-6.3%
Apr+6.9%
May+11.2%
Jun-11.6%
Jul—
Aug—
Sep—
Oct—
Nov—
Dec—
2025
Jan+4.6%
Feb+3.5%
Mar+7.3%
Apr-2.0%
May+3.6%
Jun+1.8%
Jul+3.4%
Aug-1.8%
Sep+3.9%
Oct+0.2%
Nov+5.4%
Dec-2.8%
2024
Jan+3.0%
Feb+4.7%
Mar-4.3%
Apr-1.4%
May-4.2%
Jun-1.7%
Jul+7.9%
Aug+12.3%
Sep-0.3%
Oct+4.2%
Nov+1.4%
Dec-9.5%
2023
Jan-2.1%
Feb+3.1%
Mar+6.4%
Apr+4.1%
May-4.9%
Jun+4.2%
Jul+1.2%
Aug+7.6%
Sep+4.3%
Oct+4.9%
Nov+11.5%
Dec-2.0%
2022
Jan-9.1%
Feb-0.6%
Mar-2.4%
Apr-1.3%
May-0.1%
Jun+0.8%
Jul+9.0%
Aug-4.0%
Sep-0.5%
Oct+6.1%
Nov+2.3%
Dec-1.1%
2021
Jan-1.5%
Feb+8.3%
Mar-0.3%
Apr+5.8%
May+7.0%
Jun+7.0%
Jul-0.5%
Aug+6.9%
Sep-1.8%
Oct+6.5%
Nov-1.9%
Dec+1.1%
2020
Jan+2.7%
Feb-7.2%
Mar-21.7%
Apr+11.3%
May+7.5%
Jun-12.4%
Jul-6.0%
Aug+5.1%
Sep-4.4%
Oct-7.4%
Nov+12.9%
Dec+2.0%
2019
Jan-4.7%
Feb+3.2%
Mar-0.5%
Apr+6.5%
May+7.1%
Jun-4.5%
Jul+5.5%
Aug+9.3%
Sep-3.6%
Oct+0.2%
Nov+3.6%
Dec+0.9%
2018
Jan+7.9%
Feb-16.7%
Mar+2.1%
Apr-6.4%
May-8.4%
Jun+6.7%
Jul-6.7%
Aug+4.1%
Sep-4.8%
Oct+17.6%
Nov-4.4%
Dec-9.1%
2017
Jan+7.7%
Feb-1.6%
Mar+3.9%
Apr+1.7%
May+5.1%
Jun+5.8%
Jul+3.4%
Aug+7.0%
Sep+6.7%
Oct+5.1%
Nov+9.4%
Dec+0.9%
2016
Jan+2.7%
Feb-6.2%
Mar+4.9%
Apr-5.2%
May+2.7%
Jun+5.0%
Jul+3.3%
Aug+0.2%
Sep-5.6%
Oct-2.5%
Nov+9.4%
Dec+7.3%
2015
Jan+1.7%
Feb-6.6%
Mar-4.4%
Apr-2.0%
May+4.4%
Jun-2.2%
Jul+8.3%
Aug+2.1%
Sep+6.4%
Oct-0.1%
Nov+7.7%
Dec-9.8%
2014
Jan+0.1%
Feb+4.2%
Mar+4.8%
Apr-5.7%
May-4.7%
Jun-2.9%
Jul-1.5%
Aug+9.8%
Sep+0.9%
Oct+10.1%
Nov+2.0%
Dec+5.9%
2013
Jan+15.0%
Feb+6.5%
Mar+2.8%
Apr+1.6%
May+7.4%
Jun+16.2%
Jul+7.4%
Aug-8.0%
Sep-1.4%
Oct+7.1%
Nov+8.3%
Dec+0.4%
2012
Jan-1.1%
Feb+8.2%
Mar+3.1%
Apr-7.0%
May-4.0%
Jun+9.6%
Jul+2.9%
Aug+0.4%
Sep+3.4%
Oct+0.2%
Nov+2.3%
Dec+0.7%
2011
Jan+0.7%
Feb+28.6%
Mar-1.7%
Apr-7.4%
May-1.9%
Jun-6.2%
Jul-6.3%
Aug+10.1%
Sep-3.1%
Oct+6.8%
Nov+3.5%
Dec-3.9%
2010
Jan—
Feb—
Mar—
Apr—
May—
Jun—
Jul-18.3%
Aug-21.4%
Sep-2.9%
Oct+18.9%
Nov-0.9%
Dec-3.5%
Avg
Jan+2.1%
Feb+2.8%
Mar-0.4%
Apr-0.0%
May+1.7%
Jun+1.8%
Jul+0.8%
Aug+2.5%
Sep-0.2%
Oct+4.9%
Nov+4.5%
Dec-1.4%
Median
Jan+2.2%
Feb+3.3%
Mar+0.9%
Apr-1.3%
May+3.2%
Jun+1.8%
Jul+3.1%
Aug+4.6%
Sep-1.0%
Oct+5.0%
Nov+3.5%
Dec-0.4%
Last 5Y Avg
Jan+0.4%
Feb+4.8%
Mar+0.1%
Apr+1.3%
May+1.1%
Jun+2.4%
Jul+4.2%
Aug+4.2%
Sep+1.1%
Oct+4.4%
Nov+3.7%
Dec-2.8%
Std Dev (σ)
Jan5.6%
Feb10.1%
Mar7.0%
Apr5.7%
May5.8%
Jun7.1%
Jul7.3%
Aug8.5%
Sep4.0%
Oct6.8%
Nov5.0%
Dec5.0%
Consistency (μ/σ)
Jan0.37
Feb0.28
Mar-0.06
Apr-0.01
May0.30
Jun0.26
Jul0.11
Aug0.29
Sep-0.04
Oct0.72
Nov0.91
Dec-0.28
Win Rate (%)
Jan69%
Feb63%
Mar50%
Apr44%
May56%
Jun60%
Jul63%
Aug75%
Sep38%
Oct81%
Nov81%
Dec50%
Winning / Losing Months
Jan▲11▼5
Feb▲10▼6
Mar▲8▼8
Apr▲7▼9
May▲9▼7
Jun▲9▼6
Jul▲10▼6
Aug▲12▼4
Sep▲6▼10
Oct▲13▼3
Nov▲13▼3
Dec▲8▼8
Longest Win / Loss Streak
Jan▲6▼3
Feb▲4▼4
Mar▲3▼4
Apr▲3▼3
May▲3▼3
Jun▲3▼2
Jul▲4▼2
Aug▲8▼1
Sep▲2▼5
Oct▲5▼2
Nov▲7▼1
Dec▲3▼4
Best
Jan+15.0%2013
Feb+28.6%2011
Mar+7.3%2025
Apr+11.3%2020
May+11.2%2026
Jun+16.2%2013
Jul+9.0%2022
Aug+12.3%2024
Sep+6.7%2017
Oct+18.9%2010
Nov+12.9%2020
Dec+7.3%2016
Worst
Jan-9.1%2022
Feb-16.7%2018
Mar-21.7%2020
Apr-7.4%2011
May-8.4%2018
Jun-12.4%2020
Jul-18.3%2010
Aug-21.4%2010
Sep-5.6%2016
Oct-7.4%2020
Nov-4.4%2018
Dec-9.8%2015
−21.7%+28.6%
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