Risk and sentiment
VIX Index
The U.S. equity volatility gauge, a fast read on global risk aversion.
At a glance
VIX Index: latest value and prior change
As of 2026-07-22, VIX Index is 16.64 pt. It is 0.41 pt lower than 17.05 pt on 2026-07-21.
Within the default comparison window of 1,000 observations from 2022-08-25 to 2026-07-22, the latest value is at the tie-adjusted 45th percentile. Available history covers 1990-01-02 to 2026-07-22 with 9,226 observations.
- Observed on
- Default comparison window
- 2022-08-25–2026-07-22
- Observations · observed cadence
- 1,000 · Daily
- Data source
- Cboe
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
VIX Index
1990-01-02–2026-07-22
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Interpretation guide
The VIX beyond its fear-gauge nickname
The VIX annualizes the 30-day volatility implied by S&P 500 option prices. Because it is derived from what investors actually pay for option protection, it represents a market-cleared price of risk rather than a sentiment survey, and that is precisely its value.
What the number means
A VIX of 20 means the market is pricing roughly 20 percent annualized volatility, which translates loosely into monthly swings of five to six percent. It prices the size of expected moves, not their direction, and that distinction should anchor every reading.
- Below 15 marks a low-volatility regime, which is both a calm signal and a period of cheap hedging.
- Around 20 sits near the long-run average and carries no directional information by itself.
- Above 30 indicates stress, and spikes past 40 have historically clustered in panic episodes.
Term structure and the anatomy of spikes
In normal conditions VIX futures trade in contango, with longer maturities priced higher; under stress the curve flips into backwardation as near-term protection becomes the most expensive. The VIX also mean-reverts strongly after spikes, though the speed and timing differ every cycle.
- A flip into backwardation argues for a deeper stress regime rather than a routine pullback.
- A spike that retraces more than half within a day was likely an event shock, not a regime change.
- A surge after a long stretch of low readings can force the unwind of accumulated short-volatility positions.
Korean-market use and common misreads
High VIX does not mean sell and low VIX does not mean buy. Low readings can persist through multi-year bull markets, while the highest readings often appear near major lows rather than before them.
- The session after a VIX spike, check foreign futures flows in Korea and the USD/KRW reaction first.
- A joint surge in the VIX and the CBOE put-call ratio signals that fear has turned into actual position cutting.
- Treat a low VIX as a window of cheap hedging, not as evidence that risk has disappeared.
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