VIX, RVX & VXN – Volatility Index Monitor
Term Structure · Futures Spreads · Fear Index · Updated Daily
This page provides a daily updated view of US equity market volatility across three major indexes – the VIX (S&P 500), RVX (Russell 2000) and VXN (Nasdaq-100). All charts include term structure analysis, historical spread context, and distribution statistics to help traders assess the current volatility environment and identify actionable signals.
VIX up to Date
As of August 21, 2026, the VIX closed at 15.13, sitting near the low end of its 52-week range of 13.47 to 31.05 (9% percentile). The cash VIX curve remains in contango, the normal state where near-term volatility trades below longer-dated expectations. VX futures remain in contango between the first two contracts, consistent with a calmer near-term outlook.
How to Read the VIX Level
VX Futures Term Structure
The VX futures term structure shows the price of CBOE VIX futures contracts across expiration months – from the nearest contract through to November. Five trading sessions are overlaid simultaneously, revealing how the curve has shifted day by day. This multi-day view is the most direct way to assess whether the market is entering or exiting stress.
Near-term futures cheaper than deferred contracts. Normal state (~80% of sessions). Holding long VIX positions costs money daily through negative roll yield.
Near-term futures more expensive than deferred contracts. Signals acute market stress. Long VIX positions benefit from positive roll yield.
Broad market stress building across all expirations. Structural repricing of risk – not just a single-event reaction.
Short-term event fear (Fed, earnings, geopolitical). Deferred contracts stay flat – market expects quick normalization.
VX Futures Spreads – Month 1:2 and Month 2:3
The spread charts below show the normalized percentage difference between consecutive VIX futures contracts: (VX2 − VX1) / VX1 and (VX3 − VX2) / VX2. The red lines represent dynamic bands calculated as rolling mean ± 1 standard deviation over a 252-day window – giving context for whether today's spread is historically normal, cheap, or expensive.
Cash VIX Term Structure
While VX futures reflect tradeable contracts, the Cash VIX term structure shows the spot implied volatility indexes – VX9D, VIX, VX3M, VX6M, and VX1Y – across five consecutive sessions. This view captures the pure options market's expectation of volatility at each horizon without the futures premium.
Reacts fastest to imminent events. A spike here while longer tenors stay flat = pure event risk, not structural stress.
Primary reference. The basis for all VIX futures contracts and volatility products. Ratio VIX/VX9D reveals contango vs. backwardation.
Medium-term outlook. Rising VX3M with stable VIX suggests concerns extend beyond the immediate horizon.
Macro-driven. Moves slowly and reflects structural rather than event-driven uncertainty.
Long-term structural risk. Sustained increases here – even when the short end is calm – signal institutional positioning for prolonged headwinds.
Cash VIX Spreads – VIX9D:VIX and VIX:VIX3M
The cash index spreads use a ratio-based approach rather than percentage differences. VIX9D:VIX uses a 60-day rolling window; VIX:VIX3M uses a 150-day window. This longer window for the medium-term spread captures seasonal and macro cycles more accurately. Values above 1.0 indicate the numerator index is elevated (backwardation at that horizon); values below 1.0 indicate contango.
VIX – S&P 500 Volatility Index
The three charts below provide complementary views of the VIX: a historical price series with mean/standard deviation bands, a frequency distribution of closing levels in the current calendar year, and a bubble chart showing the time spent at each level month by month. Together they answer three questions: where is VIX relative to history, how often has it been at today's level this year, and in which months was it there?
Current VIX close relative to the rolling mean (yellow), +1 SD (red) and a lower reference (green). Above red = statistically elevated. Below green = historically low.
Frequency distribution of all VIX closes year-to-date. The tallest bar shows the most common level this year. Compare today's close to the mode to assess whether we are in the dense or sparse part of the distribution.
Each bubble represents a cluster of trading days in a specific month at a specific VIX level. Larger bubbles = more days spent there. Color = month. Shows whether current levels are concentrated in recent or earlier months.
RVX – Russell 2000 Volatility Index
The RVX measures expected volatility for the Russell 2000 small-cap index over the next 30 days. Small-cap stocks are more sensitive to domestic economic conditions, credit availability, and liquidity – making the RVX a useful leading indicator for risk-off episodes that start in the more economically vulnerable parts of the market. The RVX typically trades at a premium to the VIX; a narrowing or inverting spread between the two can signal unusual stress in large-caps relative to small-caps.
VXN – Nasdaq-100 Volatility Index
The VXN measures expected volatility for the Nasdaq-100 over the next 30 days. As a tech-heavy index, the Nasdaq-100 is highly sensitive to interest rate expectations, growth stock valuations, and mega-cap earnings. The VXN often moves more aggressively than the VIX during technology-driven selloffs and can signal emerging stress in growth equities before it spreads to the broader S&P 500. A VXN significantly above the VIX may indicate that the current market concern is specifically growth- or tech-related rather than broad-market systemic risk.
Reading VIX, RVX & VXN Together
Comparing all three indexes simultaneously reveals where fear is concentrated and helps distinguish between broad market stress and sector-specific pressure.
| Pattern | Signal | Implication |
|---|---|---|
| All three rising together | Broad stress | Systemic risk across all equity segments. Reduce exposure broadly. |
| VXN rising, VIX & RVX flat | Tech stress | Growth/tech-specific fear. Large-cap and small-cap markets relatively calm. |
| RVX rising, VIX & VXN flat | Small-cap stress | Domestic economic concerns or credit/liquidity issues in smaller companies. |
| VIX rising, RVX & VXN flat | Large-cap hedge | Institutional hedging of large-cap positions. May be derivative-driven rather than fundamental. |
| All three falling together | Broad calm | Risk appetite returning across all segments. Favorable trend environment. |
| All three below lower SD bands | Complacency signal | Historically cheap volatility across the board. Market may be underpricing risk. |
Daily VIX Volatility Reports
The charts above are updated every trading day. Each day a written VIX Volatility Report is published providing a complete interpretation of the current term structure, spread analysis relative to historical bands, and practical implications for traders.
Latest VIX Reports
VIX at 15.13: Market Calm Masks Longer-Term Risk
VIX at 15.13: Why This Calm Masks a Deeper Story The VIX closed at 15.13 on August 21,...
Aug 22, 2026VIX 16.01 – Five-Day Rally Signals Repositioning Underway
VIX at 16.01: Markets Pricing Calm, But Structure Suggests Caution The VIX closed at 16.01 on Aug...
Aug 21, 2026VIX at 14.89: Markets Pricing Sustained Calm
VIX at 14.89: Markets Are Pricing in Sustained Calm The VIX closed at 14.89 on August 19, 2026,...
Aug 20, 2026VIX at 15.84: Calm Masks Hidden Market Pressure
VIX at 15.84: Calm Holds While Traders Wait for the Next Move The VIX closed at 15.84 on...
Aug 19, 2026VIX 15.19: Why Suppressed Volatility Signals Risk Ahead
VIX at 15.19: Why Suppressed Volatility May Hide Complacency The VIX currently stands at 15.19, c...
Aug 18, 2026All VIX reports reflect the author's personal market observations only and do not constitute financial advice. Please review our Disclaimer before making any trading decisions.
Frequently Asked Questions
The VIX (CBOE Volatility Index) measures the market's expectation of S&P 500 volatility over the next 30 days, derived from real-time S&P 500 options prices. Often called the "fear index," it rises when investors are uncertain or fearful and falls during periods of calm. A VIX above 20 generally signals elevated uncertainty, while readings below 15 reflect complacent, stable market conditions.
Historically, the VIX averages between 15 and 20 under normal market conditions. Readings below 15 indicate unusually low volatility and often coincide with extended bull markets. Levels between 20 and 30 reflect increased uncertainty, while readings above 30 signal significant fear. Extreme spikes above 40 – such as during the 2008 financial crisis (80+) or the COVID crash in March 2020 (85+) – are rare and typically mark major market bottoms.
Contango occurs when longer-dated VIX futures trade higher than shorter-dated ones – the normal state roughly 80% of the time. The spread (VX2-VX1)/VX1 is positive. Backwardation is the opposite: short-dated futures are more expensive than long-dated ones, signaling acute market stress. The spread turns negative. For traders holding long VIX exposure, contango creates negative roll yield (costs money daily), while backwardation creates positive roll yield.
The VX1:VX2 spread is calculated as (VX2-VX1)/VX1 and shows the percentage difference between the first and second VIX futures contract. Values above zero indicate contango – the market expects higher volatility in the future. Values below zero indicate backwardation – current fear exceeds future expectations. The red lines show one standard deviation bands based on a rolling 252-day window: when the spread is near or above the upper band, option premiums are historically elevated.
The VIX9D:VIX ratio compares 9-day implied volatility to the standard 30-day VIX. A value above 1.0 means VIX9D is higher than VIX, signaling backwardation – immediate fear exceeds medium-term expectations, often during acute market stress. A value below 1.0 means VIX9D is lower than VIX, indicating contango – normal conditions where near-term volatility expectations are lower. The red lines represent the rolling mean ± 1 standard deviation using a 60-day window.
The VIX measures expected volatility for the S&P 500 (large-cap US equities). The RVX (CBOE Russell 2000 Volatility Index) tracks expected volatility for small-cap US stocks and tends to trade at a premium to the VIX because small-caps are more volatile. The VXN (CBOE Nasdaq-100 Volatility Index) reflects tech-sector fear and typically moves faster than the VIX during technology-driven market events. Comparing all three gives a cross-market view of where fear is concentrated.
The Bubble Chart plots each trading day of the current year as a bubble, with the volatility index close on the Y-axis and the number of consecutive days at that level on the X-axis. Bubble size represents frequency – larger bubbles show that the index spent more days at that level. The color coding by month reveals seasonal patterns and shows how the current reading compares to the distribution of all levels seen year-to-date.
All charts on this page are updated once per trading day after the US market closes, using official end-of-day data. The daily VIX Volatility Report provides a written interpretation of the current term structure, spread analysis, and actionable context for traders.