While they are very similar, there are differences in structure as well as the dynamics. Strikes may be added as the underlying stock moves. January in two different years. The farther an option extends to maturity, the cheaper time becomes to purchase.
Time is a benefit.
The same as buying the stock outright, but with less cash to risk. Stock declines 15 points at Expiration Your XYZ stock falls 15 points to 27. Interest earned on the securities will at least partially offset dividends that may have been realized from the stock. Tax considerations, commissions, other costs and dividends are not included in the above calculations and should be reviewed carefully.