Volatility

How stressed is each market?

Only three of our markets have a VIX. This page gives every market one: 20-day realized volatility, annualized, ranked against its own history since 2010. The percentile is the stress reading — 95th means calmer than this only 5% of the time.

Implied volatility — where an options market exists

Realized volatility — all markets, ranked by stress percentile

Why realized vol percentile? Volatility is the axis that separates market regimes far more cleanly than returns do — our HMM states are effectively vol states. An index in its 90th vol percentile behaves differently from the same index at its 30th: wider swings, faster regime flips, worse tail risk. Percentile against the market's own history makes crypto (structurally ~3× equity vol) comparable with equities on one scale. Not investment advice.