Odaily News According to The Cook Capital analysis, IV and RV have changed significantly in the past two weeks. From the IV and RV data, the RV of medium and long-term maturities of more than 3 months is generally around 50%, while IV is generally higher than RV. Therefore, the VRP of 3M/6M/1Y is quite considerable. From the volatility structure, the FWD IV in December is 66% relative to September.