Market Watch · Expected volatility

VIX

A measure of expected near-term S&P 500 volatility derived from option prices.

Previous close · index points: 14.32
Session low · index points: 13.80
Session high · index points: 14.58
52-week low · index points: 13.38
52-week high · index points: 35.30

Understanding the benchmark

What does this index mean?

The VIX translates S&P 500 option prices into a measure of expected volatility over about 30 days. It describes the expected scale of movement, annualized, rather than the direction of prices.

Why should I care?

It adds context about the uncertainty reflected in options prices. Comparing it over time can help explain why a quiet market and an unsettled one feel different.

What it leaves out.

A reading of 20 does not mean stocks will fall 20%, or move 20% in the next month. The VIX is not a return, a certainty, or a direct investment. Products linked to volatility can behave very differently from this index.

A question worth asking.

If market swings become larger, are my cash needs and risk tolerance still consistent with my allocation?

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