VIX — Volatility Index — Monthly Values & History

Monthly values

VIX — Volatility Index — the last 12 months

Every month's reading, with the band the heatmap gives it. The chart above shows the same series in full.

Month	Value	Band
Sep 2026	17.2	Healthy reading
Aug 2026	14.9	Healthy reading
Jul 2026	16.0	Healthy reading
Jun 2026	16.5	Healthy reading
May 2026	15.3	Healthy reading
Apr 2026	16.9	Healthy reading

Month-end readings of the same series the chart shows, from vix. Values are the current record, not point-in-time: a month that has since been revised shows its revised value.

What is the VIX?

The VIX (CBOE Volatility Index) measures the market's expectation of 30-day volatility for the S&P 500, derived from options prices. Often called the "fear gauge," it rises when investors are fearful and falls when they are complacent. Unlike most indicators, VIX is forward-looking — it reflects what options traders expect to happen, not what has already happened.

A VIX below 20 historically indicates a calm market environment. Above 30 signals elevated fear. Readings above 40 have coincided with major market crises — the 2008 financial crisis, the 2020 COVID crash, and the 2022 rate shock all pushed VIX above 40.

How We Color-Code the VIX

Our heatmap colors each indicator based on historically significant thresholds:

Below 12

Extreme calm — historically rare

12 – 20

Low fear — favorable for markets

20 – 25

Moderate uncertainty

25 – 35

Elevated fear

Above 35

High fear / market stress

Historical Extremes — What Happened Next?

When this indicator reaches extreme levels, history shows consistent patterns:

Mar 2020COVID Crash

82.7

S&P 500 returned +68% over the next 12 months. Panic selling created one of the best buying opportunities in decades.

Oct 2008Financial Crisis

79.1

S&P 500 returned +53% over the next 12 months from that point, though the bottom was not reached until March 2009.

Nov 2017Historic Complacency

9.1

S&P 500 fell -6% over the next 12 months as the Volmageddon event in Feb 2018 triggered a sharp selloff.

Investor Checklist — Current Reading

Based on the current VIX reading of 17.2 (Positive):

✓Low-fear environment — historically favorable for maintaining or adding to equity positions

✓Use calm periods to rebalance portfolio and review position sizing

⚠Watch for complacency — VIX below 15 has often preceded corrections

ℹLow VIX can persist for extended periods — avoid over-hedging

Frequently Asked Questions

Is a high VIX good or bad for investors?

A high VIX is typically bad in the short term — it means markets are falling and fear is rising. However, historically, high VIX readings have been excellent long-term buying opportunities. The best forward returns have often followed VIX spikes above 40.

What VIX level signals a market crash?

A VIX above 30 indicates significant stress. Readings above 40 have historically coincided with major market dislocations — the 2008 financial crisis, the 2020 COVID crash, and the 2022 rate shock all pushed VIX above 40. Above 80 represents once-in-a-decade panic events.

What is a normal VIX level?

The long-term average VIX is approximately 19-20. Readings between 15-25 are considered normal market conditions. Below 12 suggests extreme complacency; above 30 suggests elevated fear; above 40 indicates a crisis.

Why does the VIX spike so suddenly?

VIX is derived from options prices, which can move very quickly when investors rush to buy protection. A sudden negative shock — a surprise economic report, geopolitical event, or flash crash — can cause options buyers to flood the market, instantly pushing VIX higher. The reverse (VIX falling) happens much more gradually.

Can the VIX be used to time the market?

VIX is a useful sentiment indicator but not a precise timing tool. Extreme readings (above 40 or below 12) have historically signaled turning points, but the timing can be off by weeks or months. Most investors use VIX as one signal among many rather than as a standalone market timer.

VIX — Volatility Index