This historical relationship, alongside the well-publicized VIX highs that accompanied stock market crashes in 20, has driven investor interest in long VIX exposure as a "hedge" of sorts to offset a portfolio that's top-heavy on large-cap equities.Ĭboe lists options contracts that derive their value from short-term VIX futures, and call options on VIX can be used to hedge equity portfolios in the expectation that VIX and stocks will continue to diverge over time. Given the differing factors driving the day-to-day action in each index, VIX and SPX are generally expected to maintain an inverse correlation with one another. That said, there are plenty of VIX derivatives and exchange-traded products available for those looking to add long or short volatility exposure to their portfolios. The real-time VIX values quoted in the financial media (aka the "spot VIX" or "cash VIX") should be regarded as statistics – and in light of this, VIX has no publicly listed shares and cannot be traded directly in the same way as a company's stock.
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