The VIX is 5.8 points above the S&P 500's actual swings: 25.6 priced in, 19.8 realized over 21 sessions

The usual gap since 1990 is 4.4 points (the median); it was wider than today's on 32% of days, and fear was priced below actual swings on 12%

Markets · Briefing · Cboe and S&P Dow Jones Indices · 6 Nov 2026