VIX Volatility Products
Turn Volatility to Your
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Welcome to your go-to place for information about the
VIX complex, including VIX options and futures. Learn
to measure, model and trade market moves with the
world’s widest array of volatility products and
resources.
What is volatility?
What is the VIX Index?
How is the VIX Index calculated?
How is the VIX Index used?
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VIX® Index Charts &
Data
^VIX 37.56 -7.76%
Prev.Close 40.72
Open 40.8
52 Week High 65.73 Low 10.62
as of April 11, 2025 at 1:15 PM PDT
60
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40
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20
10
Mar 16 Mar 20 Mar 26 Apr 01 Apr 06 Apr 10
Intraday 1M 3M 6M 1Y VIX
Cboe is the home of volatility trading, and the
Cboe Volatility Index® (VIX® Index) is the
centerpiece of Cboe's volatility franchise, which
includes VIX futures and VIX options.
VIX Index VIX Options VIX Futures
The VIX Index is a calculation designed to produce a
measure of constant, 30-day expected volatility of the
U.S. stock market, derived from real-time, mid-quote
prices of S&P 500® Index (SPX℠) call and put options.
On a global basis, it is one of the most recognized
measures of volatility -- widely reported by financial
media and closely followed by a variety of market
participants as a daily market indicator.
Delayed Quotes
Historical Data
VIX Options
Analytics
Get analysis on VIX Options and the rest of the
U.S.-listed options market with Cboe LiveVol
analytics platforms. LiveVol’s web-based
platforms provide everything you need to quickly
analyze trading activity and identify
opportunities.
View tutorials and take a free trial at LiveVol.com.
VIX® Futures &
Options Strategies
VIX futures and options have unique
characteristics and behave di!erently than other
financial-based commodity or equity products.
Understanding these traits and their implications
is important. VIX futures and options may
provide market participants with flexibility to
hedge a portfolio, employ strategies in an e!ort
to generate returns from relative pricing
di!erences, or express a bullish, bearish or
neutral outlook for broad market implied
volatility.
Portfolio Hedging
One of the biggest risks to an equity portfolio is a broad
market decline. The VIX Index has had a historically
strong inverse relationship with the S&P 500® Index.
Consequently, a long exposure to volatility may o!set an
adverse impact of falling stock prices. Market
participants should consider the time frame and
characteristics associated with VIX futures and options
to determine the utility of such a hedge.
Long/Short Volatility
VIX futures provide a pure play on the level of expected
volatility. Expressing a long or short sentiment may
involve buying or selling VIX futures. Alternatively, VIX
options may provide similar means to position a
portfolio for potential increases or decreases in
anticipated volatility.
Risk Premium Yield
Over long periods, index options have tended to price in
slightly more uncertainty than the market ultimately
realizes. Specifically, the expected volatility implied by
SPX option prices tends to trade at a premium relative
to subsequent realized volatility in the S&P 500 Index.
Market participants have used VIX futures and options
to capitalize on this general di!erence between
expected (implied) and realized (actual) volatility, and
other types of volatility arbitrage strategies.
Term Structure Trading
One of the unique properties of volatility – and the VIX
Index – is that its level is expected to trend toward a
long-term average over time, a property commonly
known as "mean-reversion." The mean reverting nature
of volatility is a key driver of the shape of the VIX futures
term structure and the way it can move in response to
changes in perceived risk. CFE lists nine standard
(monthly) VIX futures contracts, and six weekly
expirations in VIX futures. As such, there is a wide
variety of potential calendar spreading opportunities
depending on expectations for implied volatility.
Term Structure Data and Charts
The information above is provided for general education and
information purposes only. No statement within these materials should
be construed as a recommendation to buy or sell a security or future or
to provide investment advice. Supporting documentation for any claims,
comparisons, statistics or other technical data in these materials is
available by contacting Cboe at cboe.com/contact.
VIX® Index Research
Visit Research Library
S&P Dow Jones Indices: A
Practitioner's Guide to
Reading VIX
An easy-to-read guide for understanding the VIX
complex. This document provides investors with
simple guidelines that translate VIX Index levels
into potentially more meaningful predictions or
measures of market sentiment.
Download Whitepaper
BlackRock: VIX Your Portfolio
A research paper outlining the opportunities
created by using market uncertainty. This paper
explains how the strategy of selling volatility has
generated higher returns with smaller losses,
compared with traditional equity portfolios.
Download Whitepaper
The inclusion of research not conducted or explicitly endorsed by Cboe
should not be construed as an endorsement or indication of the value
of any research.
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