> ## Documentation Index
> Fetch the complete documentation index at: https://auramarkets.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Volatility tickers

> Every gauge on the volatility shelf, what it measures, and what to do with it.

The shelf at the bottom of the [Indices](/indices/overview) 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](/concepts/vol-richness).

## The seven gauges

### 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.

### 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)

### 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.

### 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.

### 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.

### 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.

### 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.

## How to read them together

| What you see                        | What it means                                                                                 |
| ----------------------------------- | --------------------------------------------------------------------------------------------- |
| VIX low, MOVE low, SKEW low         | Pure complacency — protection is on sale, position-mispricing risk is high                    |
| VIX low, **MOVE rising**, SKEW low  | Bond market is pricing trouble equities haven't seen yet                                      |
| VIX low, SKEW **high**              | Hidden hedging — smart money is positioning for something while the headline gauge stays calm |
| VIX **spiking**, VVIX **spiking**   | Active panic. Don't sell vol.                                                                 |
| VIX high, **MOVE high**, COR3M high | Cross-asset stress regime. Risk-off everything.                                               |

Use these alongside the [quant score](/concepts/quant-score) and the [Daily Recap](/macro/daily-recap)'s Cross-Asset Verdict for a complete read.