This week I have added a graph of VSTOXX futures. It is the first time that I've seen the dynamics of two tradable volatility indexes side by side. The scale on both plots is the same - as you can plainly see that VIX rose pretty much in parallel across all months, VSTOXX index actually declined, while VSTOXX futures rose only moderately. What is interesting is that both contracts have a relatively cheap December volatility. Meanwhile FT Alphaville is predicting the end of the world in October.