Stock Market · Volatility and uncertainty

VIX Term Structure (VIX ÷ VIX3M)

Above 1, near-term volatility is priced above three-month volatility (stress); below 1 is the usual calm shape.

VIX ÷ VIX3M: 0.946 (Oct 22, 2026).
A year earlier: 0.916 (Oct 22, 2025), a change of +3.3%.
Highest in the last 400 days: 1.070 (Mar 6, 2026); lowest: 0.758 (Dec 24, 2025).

Cboe data is copyrighted and reprinted on FRED with permission, so this chart shows the last 400 days, as every third-party series on this site does. The full history is on FRED.

Year	Average	Year close
2026	0.881	0.946

Source: FRED VIXCLS (CBOE Volatility Index: VIX); FRED VXVCLS (CBOE S&P 500 3-Month Volatility Index). Federal Reserve Bank of St. Louis. CBOE Volatility Index: VIX; CBOE S&P 500 3-Month Volatility Index: copyrighted by their owners and reprinted on FRED with permission; retrieved from FRED, Federal Reserve Bank of St. Louis.

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