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June 10, 2026
Partner, Chief Economist
The chart below tracks how much more investors are paying to protect a typical single stock against big swings compared to protecting the whole market. That premium has climbed steadily over the past decade because index-level gains have been driven by a handful of giant tech names.
Investors are increasingly nervous about specific companies rather than the market as a whole, worrying that the gap between the tech winners and everything else could snap back through company-specific shocks like earnings misses, management changes or competitive threats. Adding to this, a surge in zero-day options trading concentrated in the big tech names has pushed up demand for single-stock protection, widening the premium further.
In short, even when the overall market looks calm, investors see more risk in betting on any single stock.
Sources: Bloomberg, Macrobond, Apollo Chief Economist
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