VIX: Here, But (Not Much) Lower

Here, but (not much) lower

Volatility has repriced sharply, with the VIX undergoing a significant reset. However, it has underperformed relative to the recent strength in the S&P 500. While current VIX levels are not historically low, the magnitude of the reset and the broader macro backdrop suggest limited scope for further downside in the near term. Chart shows SPX vs VIX (inverted).