
VIX measures 30-day implied volatility of SPX options, and is a (granted, biased) predictor of future 30-day historical volatility of SPX index. However this same is not true for VVIX, that is VVIX is not a predictor of future 30-day historical volatility of VIX. It is however a predictor of future 30-day historical volatility of 30-day VIX forward. Such instrument does not exist, but the next best thing is VXX - ETF that holds front and second month futures to approximate returns on 30-day forward.
Something to note that theoretically term structure of implied volatility of VIX is decreasing with time to expiration, but VXX has a flat term structure, corresponding (approximately) to 30-day VIX implied volatility.
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