VIX
The VIX — 30-day implied equity volatility, the market's fear gauge
Latest value
16.9900
as of 2026-05-01
All-time percentile
46th
1-year change
-30.9%
Time series
Showing 643 of 1,285 data points
About this series
CBOE Volatility Index. Derived from the prices of S&P 500 index options, it represents the market's expectation of 30-day volatility. Updated continuously during market hours; we store the daily close.
Why it matters: VIX is the best-known "fear gauge" in finance. It rises when option buyers pay up for protection (usually during market declines) and falls when complacency sets in. A low VIX means the market is pricing in a calm month ahead; a high VIX means it's pricing in a stormy one. It's a forward-looking measure, not a lagging one.
How to read it: Typical range 12-20 in calm markets; 20-30 = elevated nervousness; 30-50 = stressed; above 50 = crisis (only briefly seen in 2008, 2020). Low VIX alone isn't a contrarian signal — VIX can stay low for years. But sudden spikes from a low base are the most reliable "regime change" signals.
Caveats: VIX is the implied vol of SPX options, not realized vol. It overstates realized vol on average (because option sellers earn a risk premium). It's also mechanically sensitive to options market technicals, so short-term spikes don't always indicate real fear.