SpaceX's elevated volatility will persist despite index inclusion because index holders will hedge with options and high volatility attracts call buyers seeking exposure to bull market winners.

"The counterpoint is that those index-holders may use SpaceX options to hedge its inclusion, which would keep demand elevated for puts. Add in the fact that high volatility has been a key characteristic of many of the bull market's biggest winners, keeping calls in strong demand despite expensive premiums, and there's a case to be made SpaceX volatility could stay."