Relative Total Return Performance S&P 500 Momentum vs. Low Volatility Stocks The ratio of S&P 500 momentum to low volatility stocks is nearing Tech Bubble peaks, pointing to a tech-fueled late cycle. The trend can extend, but it also heightens the risk of a more abrupt downside if that leadership falters. Image: Goldman Sachs Global…
Volatility – VIX and SKEW Index The VIX–SKEW divergence is less about calm and more about caution. Volatility looks subdued, but the steady rise in SKEW suggests investors are quietly paying up for protection against a downside shock. Image: Real Investment Advice
Volatility – VIX Index The VIX dropping below 20 signals fading market jitters and a steadier tone, typically a tailwind for equities as calmer volatility expectations often accompany rising stock prices. Lower volatility tends to invite buyers back in. Image: MarketDesk Research
Bond Volatility – MOVE Index With the MOVE index trending lower, U.S. rate volatility has cooled, which brings a dose of relief to bond desks and, by extension, the economy. It’s definitely a welcome breather for the markets. Image: The Daily Shot
S&P 500 3-Month Option-Implied Volatility Since 2024, the volatility of the average stock in the S&P 500 has been on the rise. Image: Goldman Sachs Global Investment Research
S&P 500 and Cross-Asset Volatility Stress Rising cross-asset volatility often signals growing fragility in U.S. equities. It is a cautionary signal, not a call on an imminent crash. It’s more of a yellow flag than a red one. Image: Bloomberg
Volatility – VIX vs. VIXEQ Single-stock volatility is rising faster than the VIX as leadership rotates from tech toward energy names and companies tied to real assets. Volatility beneath the surface says more about market uncertainty than the VIX right now. Image: Bloomberg
CBOE Gold Volatility Index Gold has been getting jumpy lately, with volatility back to levels we haven’t seen since the COVID market chaos. The metal doesn’t panic easily, but when it does, there’s usually a good reason. Image: The Daily Shot
Systematic Strategies Equity Positioning vs. S&P 500 Realized Volatility When markets are calm, systematic strategies often stay heavily long equities to capture steady gains, a stance that can sting once volatility returns. Image: Deutsche Bank Asset Allocation
Volatility – U.S. Options Expiration $7.1 trillion in options notional value is set to expire today, marking the largest expiration on record and setting the stage for fresh market volatility. Image: Goldman Sachs Global Investment Research
U.S. Equity Volatility vs. Credit Volatility Credit markets are calm, with volatility running below its long-term average, but equity volatility tells a different story, pointing to a more anxious tone in stocks. Image: Fundstrat Global Advisors, LLC