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Historical Performance for the VIX Index
Making Sense of the VIX Index:
An Indicator of Expected Market Volatility
Trading VIX Options
Monthly and weekly expirations in VIX options are available and trade during U.S. regular trading hours and during a limited global trading hours session (2:00 a.m. to 8:15 a.m. CT). Additionally, the VIX Index is calculated and disseminated overnight, providing market participants with real-time volatility information whenever news breaks.
VIX Options Analytics
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Settlement of VIX Derivatives
The VIX Index settlement process is patterned after the process used to settle A.M.-settled S&P 500 Index options. The final settlement value for Volatility Derivatives is determined on the morning of their expiration date (usually a Wednesday) through a Special Opening Quotation ("SOQ") of the VIX Index. By providing market participants with a mechanism to buy and sell SPX options at the prices that are used to calculate the final settlement value for Volatility Derivatives, the VIX Index settlement process is "tradable."
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Select VIX Institutional Research
The Cboe Volatility Index® (VIX® Index) is considered by many to be the world's premier barometer of equity market volatility. The VIX Index is based on real-time prices of options on the S&P 500® Index (SPX) and is designed to reflect investors' consensus view of future (30-day) expected stock market volatility. The VIX Index is often referred to as the market's "fear gauge".
The VIX Index and Volatility-Based Global Indexes and Trading Instruments
CFA Institute Research Foundation
A Case Study of Portfolio Diversification During the 2008 Financial Crises
University of Massachusetts
A Practitioner's Guide to VIX
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Reading VIX: Does VIX Predict Future Volatility?
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The inclusion of research not conducted or explicitly endorsed by Cboe should not be construed as an endorsement or indication of the value of any research.