VIX Volatility Index History: Chart, Highs and Monthly Data

What the VIX measures

The Cboe Volatility Index estimates how much the S&P 500 is expected to move over the next 30 days, based on S&P 500 option prices. It is quoted in annualized percentage points. A VIX of 20 implies option traders are pricing roughly a 20% annualized move, which is about 5.8% over a month (20 divided by the square root of 12).

It is often called the "fear index" because it usually rises when stocks fall sharply. It measures expected movement, not direction.

How to read the levels

These bands are descriptive, not rules. The VIX can stay high or low for long stretches.

Why traders watch it

• Position sizing. Wider expected moves mean wider stop-loss distances for the same risk. Our guide to how much to risk per trade explains why.
• Context for headlines. A jump from 15 to 25 is a large change in expected volatility even if the index itself has moved only a few percent.
• Mean reversion, with caveats. Historically, spikes have faded over time, but nothing guarantees how long that takes. Read What is the VIX and what does a spike mean? for the full explanation.

FAQ

Can I buy the VIX?

Not directly. Products are linked to VIX futures or options, which behave differently from the spot index and can lose value over time.

What was the highest VIX close?

In the FRED daily close series, 82.69 on March 16, 2020.

Does a high VIX mean stocks will rise next?

No. A high VIX means large moves are expected in either direction. It is not a buy or sell signal by itself.

Where does this data come from?

Cboe calculates the VIX; we use the daily close series published on FRED by the Federal Reserve Bank of St. Louis.