VIX Term Structure (VIX9D / VIX) (VIX9D/VIX) Live Data, Formula & Analysis

Macro Economic Definition & Formula

VIX Term Structure ratio compares short-term 9-day implied volatility (VIX9D) against 30-day volatility (VIX) to detect immediate market panic.

Formula: CBOE 9-Day Volatility (VIX9D) divided by 30-Day Volatility (VIX)

Key Indicator Specifications Table

Indicator ParameterValue / Specification
Indicator NameVIX Term Structure (VIX9D / VIX)
Ticker SymbolVIX9D/VIX
Normal Baseline Range0.85 - 1.05
Unit of MeasureRatio
Authoritative SourceCboe Global Markets

Authoritative Data Source Citation

In normal markets, term structure is in Contango (VIX9D < VIX, ratio < 1.0). In sudden panics, VIX9D surges above VIX into Backwardation (ratio > 1.0).

Source: Cboe Global Markets (https://www.cboe.com)

Market Impact & Historical Context

Backwardation (ratio > 1.0) signals immediate hedging panic, frequently coinciding with short-term market bottoms.

During August 2024 volatility spike, VIX9D / VIX ratio surged past 1.35, signaling extreme short-term capitulation.

sentimentVIX9D/VIX

VIX Term Structure (VIX9D / VIX)

Latest Value110.5
+2.1%

VIX Term Structure ratio compares short-term 9-day implied volatility (VIX9D) against 30-day volatility (VIX) to detect immediate market panic.

NORMAL BASELINE RANGE0.85 - 1.05
UNIT OF MEASURERatio
AUTHORITATIVE DATA SOURCECboe Global Markets

Historical Trend & Macro Shading

Formula & Calculation Mechanism

CBOE 9-Day Volatility (VIX9D) divided by 30-Day Volatility (VIX)

In normal markets, term structure is in Contango (VIX9D < VIX, ratio < 1.0). In sudden panics, VIX9D surges above VIX into Backwardation (ratio > 1.0).

Market Impact on US Equities & S&P 500

Backwardation (ratio > 1.0) signals immediate hedging panic, frequently coinciding with short-term market bottoms.

Historical Precedents & Bull/Bear Regimes

During August 2024 volatility spike, VIX9D / VIX ratio surged past 1.35, signaling extreme short-term capitulation.

Frequently Asked Questions (FAQs)

Q:What is VIX Contango vs Backwardation?

Contango (ratio < 1.0) means long-term volatility is higher than short-term volatility. Backwardation (ratio > 1.0) indicates acute short-term panic.

Q:How does VIX9D / VIX ratio signal market bottoms?

When VIX9D surges above VIX (ratio > 1.15), it reflects acute peak hedging panic. As the ratio crests and reverses back below 1.0, equities historically stage sharp relief rallies.

Related Macro Indicators

^VIX

CBOE Volatility Index (VIX)

Range: 12.0 - 20.0^MOVE

ICE BofA MOVE Bond Volatility

Range: 85.0 - 125.0FG-INDEX

CNN Fear & Greed Index

Range: 25 (Extreme Fear) - 75 (Extreme Greed)^SKEW

CBOE SKEW Black Swan Index

Range: 115.0 - 135.0