XLB Skew - Bearish Sentiment XLBSubmit 46.45-0.05 (-0.1%)Materials Select Sector SPDR Traders are pricing in a larger-than-average implied volatility premium to buy downside puts relative to upside calls. Currently, the downside puts are trading at a +36.1% premium to upside calls, but the 52-week average is +28.5%. This suggests that traders believe there is more short-term risk to the downside than to the upside, and they are paying higher premiums to guard against that risk.