VIX (Volatility Index) – via VXX ETF
This chart reflects short-term market volatility expectations through the VXX exchange-traded note, which closely tracks futures linked to the VIX. Higher readings are associated with rising uncertainty and risk aversion in equity markets, while lower levels indicate market stability and investor confidence.
Because VXX is based on VIX futures rather than the spot index itself, it experiences long-term value decay due to futures rollover costs (contango). As a result, the long-term trend typically slopes downward even though volatility spikes appear during periods of market stress.
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