Why Is the VXN Nasdaq Volatility Index Usually Higher Than the VIX?

When the market wobbles, headlines quote the VIX. Nasdaq traders watch a second number that almost always reads higher: the VXN.

What people on X are asking

In June 2026 a widely copied post said the gap between the VXN and the VIX had hit 12 points, "the highest in over 20 years", with VXN up 43% since May against 9% for the VIX. We checked it against FRED closing data: the gap reached 12.9 points on 23 June 2026, the widest since January 2003, so the claim holds. In November 2026 a market strategist relayed a bank note that the Nasdaq volatility index had seen its largest weekly swing since March 2020, and the same month another account noted the VIX had dropped to 19.92 while VXN stayed elevated at 29.11 (figures as quoted).

What people in the thread said

• @MindMathMoney pointed out that a "weekly swing" measure adds up daily moves in both directions, so VXN could end the week where it started and still record a huge swing. That is a useful caution about reading that statistic.
• @Emotu_08 noted that the size of a volatility move does not reveal the next direction for prices. Correct: VXN measures expected movement, not whether it will be up or down.

These are community comments, summarised in our words; the data and sources below come first.

The fact-checked answer

Same method, different index. Cboe calculates the VIX from S&P 500 index option prices to estimate expected volatility over the next 30 days, expressed as an annualised percentage. The VXN uses Nasdaq-100 options in the same way. A VXN of 30 means options price the Nasdaq-100 to move at a pace consistent with roughly 30% annualised volatility.

Why VXN sits higher. Three features of the Nasdaq-100 push its implied volatility up:

• Fewer stocks. It tracks about 100 large non-financial Nasdaq companies, against 500 in the S&P 500, so single-stock shocks matter more.
• Sector concentration. Technology and growth companies dominate, and their prices are more sensitive to interest rates and earnings surprises.
• History. Option sellers price what the index has actually done. The Nasdaq-100 has typically swung more than the broad market, as our page on how often the Nasdaq falls 10% shows.

What the data say. We compared every day where FRED has both closes, 2 February 2001 to 6 November 2026, 6,477 days.

UXS chart

VXN vs VIX daily closes since 2001

VXN (Nasdaq-100 volatility): latest

28.97

November 9, 2026

VIX (S&P 500 volatility): latest

25.64

November 6, 2026

Source: FRED, Federal Reserve Bank of St. Louis (FRED VIXCLS · FRED VXNCLS). Retrieved November 10, 2026. Chart computed and drawn by UXS from the raw series. FRED VXNCLS and VIXCLS, Cboe daily closes. Annual table values are year-end closes. Download the data (CSV)

Year by year: VXN (Nasdaq-100 volatility)

Computed by UXS from the same data as the chart. Tap a column header to sort. * = year to date (latest data November 9, 2026).

Year	VXN (Nasdaq-100 volatility): last value	Change vs prior year	Year high	Year low	VIX (S&P 500 volatility): last value
2026*	28.97	+48.1%	38.26	19.06	25.64
2025	19.56	-1.8%	43.25	16.73	14.95
2024	19.92	+23.0%	35.10	13.59	17.35
2023	16.20	-41.3%	29.39	15.35	12.45
2022	27.60	+30.2%	41.43	21.17	21.67
2021	21.20	-21.3%	39.61	18.31	17.22
2020	26.93	+59.4%	80.08	14.95	22.75
2019	16.89	-46.3%	32.18	14.02	13.78
2018	31.44	+100.5%	38.68	13.48	25.42
2017	15.68	-6.0%	19.06	10.31	11.04
2016	16.68	-15.0%	31.91	13.08	14.04
2015	19.63	-0.1%	42.95	12.59	18.21

VXN against VIX, our statistics from FRED data

Our calculation on days where both indexes have a FRED close. Median VXN/VIX ratio over the full period: 1.21. Averages are of daily closes. Tap a column header to sort.

Period	VXN above VIX (share of days)	Average VXN	Average VIX	Average VXN/VIX
Feb 2001 to Nov 2026	95.0%	24.6	19.6	1.26
2010 to Nov 2026	95.6%	21.5	18.4	1.18
2020 to Nov 2026	97.6%	25.2	20.7	1.24
2024 to Nov 2026	99.4%	21.9	17.6	1.26
Year 2026 to 6 Nov	100%	24.6	18.2	about 1.35

When the order flips. VIX can rise above VXN when stress hits the whole market more than tech. It happened most often in 2009 and 2011, and briefly in the April 2025 tariff shock: on 8 April 2025 the VIX closed at 52.33 and the VXN at 39.56.

Reading the gap. The average gap since 2010 has been about 3 points. In 2026 it averaged about 6.4 points, and on 23 June 2026 it reached 12.9, the widest since January 2003. A wide gap signals that options traders see technology as the main source of risk. It does not say prices will fall; it says moves are expected to be larger. A sharp rise in both gauges together is a broad risk-off signal instead.

Decision helper

Related reading: what the VIX is, S&P 500 vs Nasdaq-100 and the NQ and MNQ point values.

Common mistakes

• Comparing a VXN reading with old VIX thresholds such as "above 20 is fear".
• Reading a high VXN as a prediction that the Nasdaq will fall.
• Ignoring the gap and watching only the level.
• Treating a weekly "swing" statistic as a net change.

FAQ

What is the VXN?

Cboe's index of 30-day implied volatility from Nasdaq-100 options.

Why is VXN higher than VIX?

The Nasdaq-100 is narrower and tech-heavy, so options price larger expected swings.

How often is VXN above VIX?

On 95% of days from February 2001 to November 2026, in our FRED count.

Can VIX be higher than VXN?

Yes, when stress centres outside tech, as on 8 April 2025.

What does a widening VXN-VIX gap mean?

Options traders see technology stocks as the main source of risk.

Can you trade the VXN directly?

Not the index itself; traders use Nasdaq-100 options or futures to express volatility views.