Vol Sentiment · Cross-Asset Volatility Sentiment

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1W ago–
1M ago–
Stressed / Calm–
As of–

Sentiment Score · 1Y window

Score by window

Extremes

Most stressed

    Calmest

      How to read it

      80–100Volatility near the bottom of its range almost everywhere. Calm, sometimes complacent.

      50The dividing line. Above it, more markets are calm than stressed.

      0–20Volatility near the top of its range across markets. Broad stress.

      By Market

      Stress Calm

      Click a market to overlay its score on the chart; click a date on the chart to see that day's breakdown. IV = Cboe volatility index (MOVE from Yahoo Finance). RV = realized volatility of the listed ETF (EWMA, λ 0.94), used only where no public implied volatility exists or the index has stopped updating.

      Cross-asset volatility sentiment on October 23, 2026

      On October 23, 2026, the cross-asset Vol Sentiment score (one-year window) was 52.1, on the calm side of 50, −3.0 points over the week and −8.0 over the month. That is lower than 66% of the past year's sessions. Of 14 markets, 3 sat near the top of their one-year volatility range (score below 20): US rates, US investment grade, US high yield; 4 sat near the bottom (above 80): Japan, Copper, EM FX, GBP/USD. Shorter windows react first: the one-week score is 42.9 and the one-month score 37.5.

      Vol Sentiment · 1Y window52.1 (1W ago 55.1, 1M ago 60.1)
      1W / 1M / 3M windows42.9 / 37.5 / 37.3
      Markets stressed / calm (1Y)3 / 4 of 14

      End-of-day values from Cboe volatility indices and ETF prices; 0 = volatility at the top of its range, 100 = at the bottom. Descriptive, not a forecast. For the full post-close write-up, read the Daily Market Review for October 23, 2026.

      Cross-asset volatility sentiment

      This page asks one question for 14 markets at once: is volatility high or low compared with its own recent history? Each market is ranked against its own look-back window and scored from 0 (the highest volatility of the window) to 100 (the lowest). The Sentiment Score is the average of the 14 scores. The one-year window is the headline; shorter windows react first.

      How to read this page

      Methodology

      1. One volatility series per market. Implied volatility is used wherever a public index exists: VIX (US equities), VXEFA (developed markets ex-US, for Europe), VXFXI (China), EVZ/EUVIX, JYVIX and BPVIX (currencies, while they were published), MOVE (US Treasuries), VIXHY and VIXIG (US credit), OVX (crude oil) and GVZ (gold). Japan equities (EWJ in yen), emerging-market currencies (CEW), copper (CPER) and currencies whose indices have ended use the realized volatility of a liquid ETF instead: an exponentially weighted average of squared daily log returns (λ = 0.94), annualized, with monthly distributions added back and one-day data errors removed.
      2. Rank within the window. For each window of L sessions (5, 10, 20, 60, 120 and 240), today's value is ranked among the last L values of the same series. The score is that rank divided by L, so 100 means today is the lowest value of the window and close to 0 means the highest. Ties share the average rank.
      3. Average across markets. The Sentiment Score is the simple average of the available market scores (at least 7 of 14). An implied index that has not changed for five sessions is treated as discontinued and its market switches to realized volatility; switching happens at the score level, so implied and realized levels are never mixed in one window.
      4. Daily update. Scores are computed once a day after the US close from end-of-day data. The last few sessions are recomputed the next day when late closes arrive.

      Since 2009 this public-data version has been on the same side of 50 as a reference built from institutional implied-volatility data on about 94% of days (correlation 0.98 for the one-year score). The gap comes almost entirely from the markets filled with realized volatility, which can lag when option markets start pricing a risk that has not shown up in prices yet. How late is realized volatility? measures that lag market by market.

      Volatility sentiment FAQ

      What does the Sentiment Score measure?

      It measures where volatility sits within its own recent range across 14 markets at once. Each market gets a score from 0 (volatility at the top of its look-back window) to 100 (at the bottom), and the Sentiment Score is the average. A low score means stress is broad; a high score means calm is broad.

      Why is 50 the dividing line?

      A score of 50 means volatility is, on average, in the middle of its range. Above 50 more markets are calm than stressed; below 50 the reverse. It is a reference point, not a trigger.

      Why do some markets use realized volatility?

      Implied volatility is used wherever a public volatility index exists. For Japan equities, emerging-market currencies, copper and currencies whose Cboe indices have been discontinued, there is no free implied series, so the realized volatility of a liquid ETF fills the slot. Realized volatility reacts after prices move, so those markets can turn a little later.

      Is this a trading signal?

      No. The score describes the current volatility backdrop across markets. It does not predict the direction of any market and is not investment advice.

      When is it updated?

      Once a day after the US close. The last few sessions can be revised the next day when late ETF or index closes arrive.

      Learn more

      Market data from Cboe and Yahoo Finance. Scores are statistical summaries of past prices. Nothing here is investment advice.