14.9 Theta Theta(o)of a derivative (or portfolio of derivatives) is the rate of change of the value with respect to the passage of time See Figure 14.5 for the variation of o with respect to the stock price for a European call Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 14.9 Theta • Theta (Q) of a derivative (or portfolio of derivatives) is the rate of change of the value with respect to the passage of time • See Figure 14.5 for the variation of Q with respect to the stock price for a European call