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Best Stocks for LEAPS: 10 Low-IV Large Caps
Ten large caps whose implied volatility sits in the lower half of its own range — the condition that makes buying long-dated calls defensible.
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The short answer
A LEAPS call is a long volatility position whether you intended one or not. Buying a two-year call when implied volatility is at the top of its range means you can be right on direction and still lose, because the vol you overpaid for mean-reverts against you. Low IV rank is the entry condition that most LEAPS buyers ignore.
This screen requires a large market capitalisation as well, because LEAPS commit capital for a year or more and business durability matters far more over that horizon than over a 30-day trade. The combination — big, established, and currently cheap on volatility — is what makes the long-dated premium worth paying.
ApexVol screens 417 optionable names for this list, requiring a $10+ share price and 5,000+ contracts of average daily option volume before ranking. Filtered to market capitalisation above $10bn, then ranked by lowest IV rank so the cheapest volatility relative to each name's own history sorts first. Requires 1,000+ contracts average daily option volume.
Ranked at a glance
10 picks,
in order.
Filtered to market capitalisation above $10bn, then ranked by lowest IV rank so the cheapest volatility relative to each name's own history sorts first. Requires 1,000+ contracts average daily option volume.
| Rank | Name | Key stat | Description |
|---|---|---|---|
| 1 | BE | IV percentile 1 (IV 81.6%) | 30-day IV of 82% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $82bn. |
| 2 | BIDU | IV percentile 1 (IV 37.2%) | 30-day IV of 37% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $30bn. |
| 3 | CCJ | IV percentile 1 (IV 46.4%) | 30-day IV of 46% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $38bn. |
| 4 | FPS | IV percentile 1 (IV 71.1%) | 30-day IV of 71% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $10bn. |
| 5 | HUT | IV percentile 1 (IV 89.5%) | 30-day IV of 90% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $11bn. |
| 6 | KGC | IV percentile 1 (IV 44.2%) | 30-day IV of 44% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $29bn. |
| 7 | NEM | IV percentile 1 (IV 43.7%) | 30-day IV of 44% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $122bn. |
| 8 | SNDK | IV percentile 1 (IV 75.8%) | 30-day IV of 76% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $255bn. |
| 9 | SPCX | IV percentile 1 (IV 42.0%) | 30-day IV of 42% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $1,987bn. |
| 10 | BMNR | IV percentile 2 (IV 72.8%) | 30-day IV of 73% sits at the 2th percentile of its own year, so long-dated premium is near the low end. Market cap $16bn. |
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BE Top pick
30-day IV of 82% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $82bn.
IV percentile 1 (IV 81.6%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
-
BIDU
30-day IV of 37% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $30bn.
IV percentile 1 (IV 37.2%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
-
CCJ
30-day IV of 46% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $38bn.
IV percentile 1 (IV 46.4%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
-
FPS
30-day IV of 71% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $10bn.
IV percentile 1 (IV 71.1%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
-
HUT
30-day IV of 90% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $11bn.
IV percentile 1 (IV 89.5%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
-
KGC
30-day IV of 44% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $29bn.
IV percentile 1 (IV 44.2%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
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NEM
30-day IV of 44% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $122bn.
IV percentile 1 (IV 43.7%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
-
SNDK
30-day IV of 76% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $255bn.
IV percentile 1 (IV 75.8%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
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SPCX
30-day IV of 42% sits at the 1th percentile of its own year, so long-dated premium is near the low end. Market cap $1,987bn.
IV percentile 1 (IV 42.0%), measured 2026-09-30
Ideal for IV rank 1 (cheap end of range)
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BMNR
30-day IV of 73% sits at the 2th percentile of its own year, so long-dated premium is near the low end. Market cap $16bn.
IV percentile 2 (IV 72.8%), measured 2026-09-30
Ideal for IV rank 2 (cheap end of range)
Live data, refreshed October 1, 2026. October 2026 data refresh: rebuilt from 417 liquid names on the 2026-09-30 data snapshot. Top pick BE at IV rank 1 (cheap end of range).
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Questions
About this ranking.
What is the ideal IV rank for buying LEAPS?
Lower is better, and under 30 is the range most long-dated buyers target. You are paying for one to two years of implied volatility up front; buying that at the top of a name's range means vol mean reversion works against the position for its entire life, independent of whether the stock goes your way.
How deep in the money should a LEAPS call be?
Most LEAPS buyers use 70-80 delta. That gives you most of the stock's move with meaningfully less capital, while keeping extrinsic value — the part that decays — to a small fraction of the premium. At-the-money LEAPS carry far more time value and therefore far more to lose to decay.
Why does market cap matter for LEAPS?
Because the holding period is measured in years, not weeks. Over that horizon the business itself is the dominant risk, not the options mechanics. A screen for cheap long-dated volatility on fragile small caps would surface exactly the names where the option expires worthless for reasons no Greek predicted.
Are LEAPS better than buying the stock?
They are more capital-efficient and strictly worse if nothing happens. A LEAPS call gives leveraged upside for a fraction of the outlay, but it expires, pays no dividend, and loses value in a flat market. Shares do none of those things. The trade is leverage in exchange for a deadline.
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