We have seen extreme moves in VIX over past weeks. On April 14, in our note, Time to hedge - VIX guy is back, we outlined our long VIX logic. We wrote;
"The recent move higher in SPX has resulted in an epic vol reset with VIX trading at post corona levels, currently around 16.5.
Vol is not dirt cheap given the low realized vol environment, but there are risks to consider going forward."