The profitability of options depends on their moneyness and maturity in addition to the asset. Do you include options only on individual equities? What about indices? What about commodities or options on futures? How do we weight all these options? Over what period?


Importantly, options are usually hedged. Since the market has generally risen, call options have tended to appreciate. This is particularly obvious in the case of in-the-money LEAPS. But they may have appreciated less than an equally-risky stock portfolio. So a better issue is the profitability of at-the-money straddles.