Julia caption: It feels like 2026 hasn't been an incredibly volatile year in the market; sure, there have been some blips on the radar, but when compared to a year like 2020, you'd imagine that things are certainly less volatile right now. As it turns out, that is not entirely true. Julia Spina (tagged on X) joined Mike and Jermal on air this morning, and she illustrated how the difference between implied volatility and realized volatility is higher this year than in any of the past ten. Is this surprising to you, or have things really felt that volatile? Let us know your thoughts in the comments!