One of the ways we can discern the nature of risk for an underlying is by looking at its distribution. There are generally four key characteristics that a distribution will have that we care about: Width, Tails, Shape, Skew. All of these are priced in by options markets even though they may be hard to see on the following graphs. Similar to historical volatility and historical outlier moves, a historical distribution shows you a picture of everything that the underlying has been through.