Security

VIX: Market Volatility Research & Analysis

The current equity environment is characterized by a significant divergence between a suppressed VIX, which is testing a natural floor at post-Iran war lows, and surging volatility in bond markets. Despite the S&P 500 testing critical resistance levels around 7,500, equity volatility remains low due to depressed stock correlations and an intense focus on AI-driven mega-cap momentum. However, underlying market fragility is rising as breadth weakens—with less than half of S&P constituents trading above their 50-day moving average—and credit spreads in high-yield sectors begin to widen. Positioning indicators suggest an increasingly asymmetric risk profile, as BofA cash levels have dropped to a 3.9% sell-signal threshold while semiconductor trades reach extreme crowding. With VIX seasonality turning supportive and realized correlations expected to normalize as macro narratives regarding inflation and rates return to the forefront, the environment for volatility is shifting. Consequently, research suggests that cheap convex hedges, specifically VIX call spreads, are becoming increasingly attractive to protect against a potential correction in global equities.

45 reports available

Macro Volatility Digest thumbnail

Macro Volatility Digest

Cboe·Jun 29, 2026

Global markets experienced AI/Tech consolidation, leading to a rise in equity volatility and tech-specific implied vol to 98th percentile levels. Investors are shifting towards long convexity positions while balancing against expected EOM/semi-annual rebalancing flows.

Macro Volatility Digest thumbnail

Macro Volatility Digest

Cboe·Jun 15, 2026

Cboe's Macro Volatility Digest reports a widespread decline in cross-asset implied volatility following the easing of US-Iran geopolitical tensions. The market is currently focused on the upcoming FOMC meeting and new product launches for XSP-based options.

Macro Volatility Digest thumbnail

Macro Volatility Digest

Cboe·Jun 1, 2026

Cboe reports a record divergence between single stock and index volatility, with the VIXEQ-VIX spread hitting 29 points as idiosyncratic risks dominate. Concurrently, equity-bond correlations have collapsed to record lows, challenging traditional portfolio diversification.

Macro Volatility Digest thumbnail

Macro Volatility Digest

Cboe·May 18, 2026

Volatility increased globally as the US 10-year yield hit 4.6%, driving defensive hedging in indices like the Russell 2000 while single-stock call buying remains at 'meme stock' era extremes.

Macro Volatility Digest thumbnail

Macro Volatility Digest

Cboe·May 11, 2026

Retail call buying in mega-cap technology stocks has surged to 2021-era extremes, driving a wedge between muted index volatility and elevated single-stock volatility. Meanwhile, cross-asset correlations are shifting, with gold trading as a risk asset and oil volatility remaining historically rich.

US Equities Weekly Rundown thumbnail

US Equities Weekly Rundown

Goldman Sachs·Jun 6, 2026

US equities saw weekly losses as strong employment data pushed interest rate expectations higher. Despite the market pullback, institutional hedge fund activity showed continued buying, though volatility measures saw a significant spike.

The Market Is Now Panicking Not To Panic

The Market Ear·May 29, 2026

The Fragile Melt-Up

The Market Ear·May 20, 2026

The Rates Disconnect

The Market Ear·May 22, 2026

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