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# Volatility Indices

Volatility indices measure the market's expectations for the relative strength of near-term price changes of an index or security.

The Cboe 3-Month Volatility Index℠

`VIX3M`

is designed to be a constant measure of 3-month implied volatility of the S&P 500® `SPX`

Index options. (On September 18, 2017 the ticker symbol for the Cboe 3-Month Volatility Index was changed from `VXV`

to `VIX3M`

).The `VIX3M`

Index has tended to be less volatile than the Cboe Volatility Index® `VIX`

®, which measures one-month implied volatility. Using the `VIX3M`

and `VIX`

indexes together provides useful insight into the term structure of S&P 500 `SPX`

option implied volatility.The Cboe Amazon VIX Index℠

`VXAZN`

is a VIX-style estimate of the expected 30-day volatility of Amazon stock returns. Like `VIX`

®, `VXAZN`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on AMAZON. The two sums essentially represent the expected variance of the AMAZON returns up to two option expiration dates that bracket a 30-day period of time. `VXAZN`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe Apple VIX Index℠

`VXAPL`

is a `VIX`

®-style estimate of the expected 30-day volatility of Apple stock returns. Like `VIX`

, `VXAPL`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on Apple. The two sums essentially represent the expected variance of the Apple returns up to two option expiration dates that bracket a 30-day period of time. `VXAPL`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe Brazil Volatility Index℠

`VXEWZ`

is a VIX®-style estimate of the expected 30-day volatility of returns on the iShares Brazil ETF `EWZ`

. Like `VIX`

, `VXEWZ`

is calculated by i nterpolating between two weighted sums of option midquote values, in this case options on `EWZ`

. The two sums essentially represent the expected variance of the returns on `EWZ`

up to two option expiration dates that bracket a 30-day period of time. `VXEWZ`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.Cboe follows its proprietary Cboe Volatility Index®

`VIX`

® methodology to create indexes that reflect expected volatility for options on select exchange-traded funds (ETFs).Cboe calculates and disseminates the Cboe China ETF Volatility Index℠ (ticker: `VXFXISM`

), which reflects the implied volatility of the `FXI`

ETF.The Cboe Crude Oil ETF Volatility Index℠

`OVX`

is a VIX®-style estimate of the expected 30-day volatility of crude oil as priced by the United States Oil Fund, `USO`

. Like `VIX`

, `OVX`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on the `OVX`

ETF. The two sums essentially represent the expected variance of the Euro to Dollar exchange rate up to two option expiration dates that bracket a 30-day period of time. `OVX`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe Emerging Markets Volatility Index℠

`VXEEM`

is a VIX-style estimate of the expected 30-day volatility of returns on the MSCI `EEM`

Index. Like `VIX`

,`VXEEM`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on `EEM`

. The two sums essentially represent the expected variance of MSCi `EEM`

Index returns up to two option expiration dates that bracket a 30-day period of time. `VXEEM`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe Sector ETF Volatility Index℠

`VXXLE`

estimates the expected 30-day volatility of the price of the Energy Sector ETF `XLE`

. Similar to VIX®, `VXXLE`

is derived by applying the `VIX`

algorithm to options on the `XLE`

Energy Sector ETF.The Cboe EuroCurrency Volatility Index℠

`EVZ`

is a `VIX`

®-style estimate of the expected 30-day volatility of the CurrencyShares Euro Trust (Ticker - `FXE`

). Like `VIX`

, `EUVIX`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on `EVZ`

. The two sums essentially represent the expected variance of the Euro to Dollar exchange rate up to two option expiration dates that bracket a 30-day period of time. `EVZ`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe DJIA Volatility Index℠

`VXD`

is a `VIX`

®-style estimate of the expected 30-day volatility of DJIA stock index returns. Like VIX, VXD is calculated by interpolating between two weighted sums of option midquote values, in this case options on the DJIA `DJX`

. The two sums essentially represent the expected variance of DJIA Index returns up to two option expiration dates that bracket a 30-day period of time. `DJX`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Gold ETF Volatility Index℠

`GVZ`

is a VIX®-style estimate of the expected 30-day volatility of returns on the SPDR Gold Shares ETF `GLD`

. Like `VIX`

,`GVIX`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on `GLD`

. The two sums essentially represent the expected variance of the price of gold up to two option expiration dates that bracket a 30-day period of time. `GVZ`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.Cboe calculates and disseminates the Cboe Gold Miners ETF Volatility Index℠ (ticker:

`VXGDX`

), which reflects the implied volatility of the `GDX`

ETF.The Cboe Google VIX Index℠

`VXGOG`

is a VIX®-style estimate of the expected 30-day volatility of Apple stock returns. Like `VIX`

, `VXGOG`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on Google. The two sums essentially represent the expected variance of the Google returns up to two option expiration dates that bracket a 30-day period of time. `VXGOG`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe IBM VIX Index℠

`VXIBM`

is a `VIX`

®-style estimate of the expected 30-day volatility of IBM stock returns. Like `VIX`

, `VXIBM`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on IBM. The two sums essentially represent the expected variance of the IBM returns up to two option expiration dates that bracket a 30-day period of time. `VXIBM`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The CBOE Nasdaq Volatility Index

`VXN`

is a measure of market expectations of 30-day volatility for the Nasdaq 100 index, as implied by the prices of options listed on this index. The `VXN`

index is a widely watched gauge of market sentiment and volatility for the Nasdaq-100, which includes the top 100 U.S. and international non-financial securities by market capitalization listed on the Nasdaq.The Cboe Russell 2000 Volatility Index℠

`RVX`

is a `VIX`

®-style estimate of the expected 30-day volatility of Russell 2000® Index returns. `RVX`

is calculated by interpolating between two weighted sums of option midquote values, in this case options on the Russell 2000 Index `RUT`

. The two sums essentially represent the expected variance of the Russell 2000 Index returns up to two option expiration dates that bracket a 30-day period of time. `RVX`

is obtained by annualizing the interpolated value, taking its square root and expressing the result in percentage points.The Cboe Silver ETF Volatility Index℠

`VXSLV`

estimates the expected 30-day volatility of the return on the iShares Silver ETF. `VSLV`

is derived by applying the `VIX`

® algorithm to options.