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The shelf at the bottom of the Indices page holds the vol-and-fear gauges — seven tickers that, together, tell you what the options market is pricing. For the conceptual backdrop on how to combine these, see Vol richness & term structure.

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The seven gauges

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VIX (^VIX)

S&P 500 1-month implied volatility. The headline “fear gauge.”
  • < 13 = complacency
  • 13–18 = normal
  • 18–25 = elevated stress
  • > 25 = panic regime
VIX measures equity fear. It says nothing about bonds or rates.

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VIX3M (^VIX3M)

S&P 500 3-month implied volatility. Same idea as VIX but on a longer horizon. Used mainly for the VIX/VIX3M ratio (term structure):
  • Ratio < 1 = backwardation (near-term fear above forward fear) — stress signal
  • Ratio > 1 = contango (normal)

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VXN (^VXN)

NASDAQ 100 1-month implied volatility. The tech-flavored VIX. VXN persistently trading above VIX = vol risk concentrated in mega-cap tech. Compare against VIX for relative risk between the broad market and the growth tilt.

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MOVE (^MOVE)

US Treasury implied volatility. The bond market’s VIX. Asks: “is the bond market scared?” Often a leading indicator for equity vol.
  • < 80 = calm rates regime
  • 80–120 = normal
  • > 120 = rates uncertainty
  • > 150 = serious bond-market stress (think 2022, March 2023)
When MOVE rises while VIX stays calm, the bond market is pricing a problem equities haven’t noticed yet.

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SKEW (^SKEW)

Cost of OTM puts vs ATM options on the S&P. Tracked as a percentile. Asks: “how much are people paying for crash protection?”
  • High SKEW (90th+ %ile) = paying up for tail-risk hedges. Smart-money hedging or genuine worry.
  • Low SKEW (10th– %ile) = complacency about the left tail. Historically, this has preceded sharp drawdowns more often than headline VIX has.

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VVIX (^VVIX)

Volatility of VIX itself. “How uncertain is the fear gauge?” When VVIX is high, the market doesn’t know what VIX is going to do — uncertainty about uncertainty. Often spikes before regime shifts in vol.

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COR3M (^COR3M)

3-month implied correlation across S&P names. Asks: “is the market trading like one thing or like 500 things?”
  • High correlation (during stress) = everything moves together; diversification fails
  • Low correlation (during calm) = stock-picking environment
A rising COR3M during a calm tape often precedes a stress event — money is starting to crowd into the same positions.

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How to read them together

Use these alongside the quant score and the Daily Recap’s Cross-Asset Verdict for a complete read.