Volatility indexes were first introduced in the early 1990s. The first volatility index was the CBOE Volatility Index (VIX), which was created by the Chicago Board Options Exchange in 1993. VIX is based on the prices of S&P 500 index options and is commonly used as a measure of market risk. Other volatility indexes followed suit, including the VXO (formerly the OEX Volatility Index), the RVX (formerly the Russell 2000 Volatility Index), and the VXN (formerly the NASDAQ-100 Volatility Index).
These indexes are based on the prices of options on different stock indexes and are used to measure the volatility of those respective markets. In recent years, volatility indexes have become increasingly popular as investment tools. Many exchange-traded products (ETPs) have been created that track the performance of volatility indexes, such as the iPath S&P 500 VIX Short-Term Futures ETN (VXX) and the ProShares Ultra VIX Short-Term Futures ETF (UVXY).
There are also a number of volatility-based strategies that have been developed, such as the long volatility trade, which aims to profit from an increase in volatility, and the short vol trade, which looks to profit from a decrease in volatility. With the ever-increasing popularity of volatility indexes, it is clear that they are here to stay. As the markets continue to fluctuate and investors look for ways to protect their portfolios, volatility indexes will continue to play an important role in the world of investing.
| Name (Symbol) | Underlying Asset | Exchange/ Index Provider | Methodology | Time Range | Launch Date | Data Since |
| Stock Indexes Volatility Indexes | ||||||
| CBOE Volatility Index (VIX) | S&P 500 Index | CBOE | Model-free | 30-day | Sep 2003 | Jan-90 |
| CBOE S&P 100 Volatility Index (VXO) | S&P 100 Index | CBOE | Black&Scholes | 30-day | Jan 1993 | Jan-86 |
| CBOE Short-Term Volatility Index (VXST) | S&P 500 Index | CBOE | Model-free | 9-day | Oct 2013 | Jan-11 |
| CBOE Mid-Term Volatility Index (VXMT) | S&P 500 Index | CBOE | Model-free | 6-month | Nov 2013 | Jan-08 |
| CBOE 3-Month Volatility Index (VXV) | S&P 500 Index | CBOE | Model-free | 3-month | Nov 2007 | Dec-07 |
| CBOE SPX Near-term VIX Index (VIN) | S&P 500 Index | CBOE | Model-free | ~23 days | Jan 2011 | Nov-10 |
| CBOE SPX Far-term VIX Index (VIF) | S&P 500 Index | CBOE | Model-free | ~37 days1 | Jan 2011 | Nov-10 |
| CBOE NASDAQ Volatility Index (VXN) | NASDAQ-100 Index | CBOE | Model-free2 | 30-day | Jan 2001 | Jan-95 |
| CBOE DJIA Volatility Index (VXD) | Dow Jones Industrial Average | CBOE | Model-free | 30-day | Mar 2005 | Oct-97 |
| CBOE Russell 2000 Volatility Index (RVX) | Russell 2000 Index | CBOE | Model-free | 30-day | May 2006 | Jan-04 |
| VDAX-NEW | DAX Index | Deutsche Börse | Model-free | 30-day3 | Apr 2005 | Jan-92 |
| EURO STOXX 50 Volatility Index(VSTOXX) | EURO STOXX 50 Index | STOXX/ Eurex Exchange | Model-free | 30-day4 | Apr 2005 | Jan-99 |
| AEX Volatility Index (VAEX) | AEX Index | Euronext | Model-free | 30-day | Sep 2007 | Jan-00 |
| CAC 40 Volatility Index (VCAC) | CAC 40 Index | Euronext | Model-free | 30-day | Sep 2007 | Jan-00 |
| FTSE 100 Volatility Index (VFTSE) | FTSE 100 Index | Euronext | Model-free | 30-day | Jun 2008 | Jan-00 |
| S&P/ASX 200 VIX (A-VIX) | S&P/ASX 200 Index | Australian Securities Exchange | Model-free | 30-day | Sep 2010 | Jan-08 |
| Russian Market Volatility Index (RVI) | RTS Index | Moscow Exchange | Model-free | 30-day | Nov 2013 | Nov-13 |
| HSI Volatility Index (VHSI) | Hang Seng Index | Hong Kong Exchanges | Model-free | 30-day | Feb 2011 | Jan-01 |
| India VIX (NVIX) | NIFTY Index | National Stock Exchange | Model-free | 30-day | July 2010 | Mar-09 |
| Volatility Index on the SMI (VSMI) | SMI Index | SIX/ Eurex exchange | Model-free | 30-day5 | Apr 2005 | Jan-99 |
| Mexican Volatility Index (VIMEX) | IPC Index | MexDer | Black (1976) | 90 days | Mar 2014 | Mar-04 |
| S&P/TSX 60 VIX Index (VIXC) | S&P/TSX 60 index | Montréal Exchange | Model-free | 30-day | Oct 2010 | Oct-09 |
| Nikkei Stock Average Volatility Index (Nikkei 225 VI) | Nikkei 225 Index | Osaka Exchange | Model-free | 30-day | Nov 2010 | Jun-89 |
| Volatility Index of the KOSPI 200 (VKOSPI) | KOSPI200 Index | Korea Exchange | Model-free | 30-day | Apr 2009 | Jan-03 |
| FTSE 100 Implied Volatility Index (FTSE 100 IVI) | FTSE 100 Index | FTSE Russell/ London Stock Exchange | Model-free | 30-day6 | Feb 2013 | Jan-00 |
| FTSE MIB Implied Volatility Index (FTSE MIB IVI) | FTSE MIB Index | FTSE Russell/ Borsa Italiana Derivatives Market | Model-free | 30-day7 | Feb 2013 | Apr-10 |
| AlphaShares China Volatility Index (ASCNCHIX) | Hang Seng Index &FTSE/Xinhua China 25 Index | AlphaShares | Black&Scholes | 30-day | Jul 2009 | Jun-08 |
| TAIEX Options Volatility Index8 | TAIEX Index | TAIFEX | Model-free & Black&Scholes | 30-day | Dec 2006 | Dec-06 |
| SIX Volatility Index (SIXVX) | OMX Stockholm 30 Index | Nasdaq Stockholm | Black&Scholes | 30-day | May 2004 | May-04 |
| JSE Securities South African Volatility Index (SAVIT40) | FTSE/JSE Africa Top40 Index | Johannesburg Stock Exchange | Model-free | 90-day | Jan 2007 | Jan-07 |
| Commodity Volatility Indexes | ||||||
| CBOE/CBOT Corn Volatility Index (CIV) | Corn futures (ZC) | CBOE | Model-free | 30-day | Jun 2011 | Jun-11 |
| CBOE/COMEX Gold Volatility Index (GVX) | COMEX Gold futures (GC) | CBOE | Model-free | 30-day | Sep 2010 | Sep-10 |
| CBOE Gold Volatility Index (GVZ) | SPDR Gold Shares (GLD) | CBOE | Model-free | 30-day | Aug 2008 | Jun-08 |
| CBOE/NYMEX WTI Volatility Index (OIV) | WTI Crude Oil Futures (CL) | CBOE | Model-free | 30-day | Sep 2010 | Sep-10 |
| CBOE Crude Oil Volatility Index (OVX) | United States Oil Fund (USO) | CBOE | Model-free | 30-day | Jul 2008 | May-07 |
| SAVI White Maize (SAVWM) | White maize | Johannesburg Stock Exchange | Black&Scholes | 90-day | Jun 2009 | Jan-02 |
| CBOE/CBOT Soybean Volatility Index (SIV) | Soybean futures(ZS) | CBOE | Model-free | 30-day | Jun 2011 | Jun-11 |
| CBOE Silver ETF Volatility Index (VXSLV) | iShares Silver Trust (SLV) | CBOE | Model-free | 30-day | Mar 2011 | Mar-11 |
| CBOT Wheat Volatility Index (WIV) | Wheat futures (ZW) | CBOE | Model-free | 30-day | Jul 2012 | Jul-12 |
| Currency Volatility Indexes | ||||||
| SAVI Dollar (SAVID) | Rand /USD | Johannesburg Stock Exchange | Black&Scholes | 90-day | Jun 2009 | Jun-09 |
| JPMorgan VXY Global index (JPMVXYGL) | 22 USD currency pairs | JP Morgan | Black&Scholes | 90-day | Mar 2011 | Mar-11 |
| JPMorgan G7 Volatility Index (JPMVXYG7) | 9 major USD currency pairs | JP Morgan | Black&Scholes | 90-day | Dec 2006 | Dec-06 |
| JPMorgan Emerging Market Volatility Index (JPMVXYEM) | 13 emerging USD currency pairs | JP Morgan | Black&Scholes | 90-day | Dec 2006 | Dec-06 |
| Deutsche Bank FX Volatility Index (CVIX) | 9 major currency pairs | Deutsche Bank | Black&Scholes | 90-day | Feb 2007 | Aug-01 |
| CBOE/CME FX Euro Volatility Index (EUVIX) | USD/Euro futures (6E) | CBOE | Model-free | 30-day | Jan 2015 | Jan-07 |
| CBOE/CME FX Yen Volatility Index (JYVIX) | USD/JPY futures (6J) | CBOE | Model-free | 30-day | Jan 2015 | Jan-07 |
| CBOE/CME FX British Pound Volatility Index (BPVIX) | USD/GBP futures (6B) | CBOE | Model-free | 30-day | Jan 2015 | Jan-07 |
| CBOE EuroCurrency Volatility Index (EVZ) | CurrencyShares Euro Trust(FXE) | CBOE | Model-free | 30-day | Aug 2008 | Nov-07 |
| Interest Rates Volatility Indexes | ||||||
| S&P/JPX JGB VIX Index (SPJGBV) | 10-year JGB futures | Osaka Exchange | Model-free | 30-day | Oct 2015 | Jan-08 |
| CBOE/CBOT 10-year U.S. Treasury Note Volatility Index (TYVIX) | 10-year Treasury Notes futures (TY) | CBOE | Model-free | 30-day | May 2013 | Jan-03 |
| CBOE Interest Rate Swap Volatility Index (SRVX) | 10-year USD interest rate swaps | CBOE | Model-free | one-year | Jun 2012 | Jun-12 |
| Merrill Lynch Options Volatility Expectations (MOVE) | US Treasuries | Merrill Lynch | Black (1976) | 30-day10 | Apr 1988 | Apr-88 |
| Merrill Lynch Swaption Volatility Expectations (SMOVE) | US non-Treasury interest-rate swaps | Merrill Lynch | Black (1976) | 30-day10 | Dec 1996 | Dec-96 |
| Deutsche Bank Vega index (DVX) | USD LIBOR swap rates | Deutsche Bank | Black (1976) | > 1-year | Jan 2007 | Jan-99 |
| Deutsche Bank Vega EUR index (DVXEUR) | European swap rates | Deutsche Bank | Black (1976) | > 1-year | Sep 2007 | Jan-99 |
| Deutsche Bank Gamma Index (DGX) | USD LIBOR swap rates | Deutsche Bank | Black (1976) | < 1-year11 | Aug 2009 | Jan-90 |
| Deutsche Bank Gamma EUR index (DGXEUR) | European swap rates | Deutsche Bank | Black (1976) | < 1-year11 | Sep 2007 | Jan-99 |
| Stocks and Equity ETFs Volatility Indexes | ||||||
| CBOE EFA ETF Volatility Index (VXEFA) | iShares MSCI EAFE Index Fund (EFA) | CBOE | Model-free | 30-day | Jun 2013 | Jan-08 |
| CBOE Emerging Markets ETF Volatility Index (VXEEM) | iShares MSCI Emerging Markets Index (EEM) | CBOE | Model-free | 30-day | Mar 2011 | Mar-11 |
| CBOE China ETF Volatility Index (VXFXI) | iShares Trust FTSE China 25 Index Fund (FXI) | CBOE | Model-free | 30-day | Mar 2011 | Mar-11 |
| CBOE Brazil ETF Volatility Index (VXEWZ) | iShares MSCI Brazil Index Fund(EWZ) | CBOE | Model-free | 30-day | Mar 2011 | Mar-11 |
| CBOE Gold Miners ETF Volatility Index (VXGDX) | Market Vectors Gold Miners Fund (GDX) | CBOE | Model-free | 30-day | Mar 2011 | Mar-11 |
| CBOE Energy Sector ETF Volatility Index (VXXLE) | Energy Select Sector SPDR (XLE) | CBOE | Model-free | 30-day | Mar 2011 | Mar-11 |
| CBOE Equity VIX on Amazon (VXAZN) | Amazon (AMZN) | CBOE | Model-free | 30-day | Jan 2011 | Jun-10 |
| CBOE Equity VIX on Apple (VXAPL) | Apple (AAPL) | CBOE | Model-free | 30-day | Jan 2011 | Jun-10 |
| CBOE Equity VIX on Goldman Sachs (VXGS) | Goldman Sachs (GS) | CBOE | Model-free | 30-day | Jan 2011 | Jun-10 |
| CBOE Equity VIX on Google (VXGOG) | Google (GOOG) | CBOE | Model-free | 30-day | Jan 2011 | Jun-10 |
| CBOE Equity VIX on IBM (VXIBM) | IBM (IBM) | CBOE | Model-free | 30-day | Jan 2011 | Jun-10 |
| Bats-T3 SPY Volatility Index (SPYIX) | SPDR S&P 500 ETF (SPY) | Bats Global Markets/ T3 Index | Model-free | 30-day | Mar 2016 | Jan-05 |
| Volatility of Volatility Indexes | ||||||
| EURO STOXX 50 Volatility of Volatility Index (V-VSTOXX) | VSTOXX futures | Eurex | Model-free | 30-day12 | Oct 2015 | Mar-10 |
| CBOE VIX of VIX Index (VVIX) | VIX futures | CBOE | Model-free | 30-day | Mar 2012 | Jun-06 |
| Discontinued Volatility Indexes | ||||||
| Russian Volatility Index (RTSVX) | RTS Index | Moscow Exchange | Black&Scholes | 30-day | Dec 2010 | Dec-16 |
| Barclays Swaption Volatility Index (BBOX and BBPX) | 1 to 30-year USD IR Swaps | Barclays | Black (1976) | 14 | ||
| MX Implied Volatility index (MVX) | iShares CND S&P/TSX 60 Fund (XIU) | Montréal Exchange | Black&Scholes | 30-day | Dec 2002 | Oct-10 |
| VDAX | DAX index | Deutsche Börse | Black&Scholes | 45 days | Dec 1994 | Jul-16 |
| BEL 20 Volatility Index (VBEL) | BEL 20 index | Euronext | Model-free | 30-day | Sep 2007 | Nov-10 |
| MONEP Market Volatility Index (VX1) | CAC 40 Index | French Marchė des Options Nėgociables de Paris (MONEP) | Binomial | 30-day15 | Oct 1997 | Sep-07 |
| Amex QQQQ Volatility Index (QQV) | PowerShares QQQ Trust | American Stock Exchange | Black&Scholes | 30-day | Jan 2001 | Jun-14 |
