The CBOE Volatility Index, widely known by its ticker symbol VIX and nicknamed the fear gauge, measures the market's expectation of 30-day forward-looking volatility in the S&P 500 stock index, calculated in real time by the Chicago Board Options Exchange from the prices of a wide range of S&P 500 index options. Introduced in 1993 and revised to its current calculation methodology in 2003, the VIX typically rises sharply during periods of market stress or crisis, such as the 2008 financial crisis and the early 2020 COVID-19 market selloff, when it hit an all-time closing high, and has become the standard benchmark for equity-market volatility and investor anxiety worldwide.
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