In an August 20, 2026, Barchart article, I examined whether the VIX index appeared inexpensive heading into the historically volatile autumn months of 2026. I concluded with the following:
The VIX is a stock market indices. Given the trading ranges in 2024 and 2025, the VIX could be inexpensive at levels below 20, with risk-reward favoring the upside.
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The VIX traded at 15.31 on August 19 and remained only slightly higher throughout October 2026. Nevertheless, this sentiment index, which reflects the diversified S&P 500, may still be undervalued in the current market climate.
Since August 19, 2026, the VIX has fluctuated between 13.93 and 18.94. While the index suggests that the bullish trend in stocks is likely to continue, market conditions could shift rapidly.
A tight range in the VIX
During 2026, the VIX has moved within a 21.37-point range between 13.93 and 35.30, following a 46.75-point range in 2025. The 2025 peak occurred after the U.S. administration unveiled its “Liberation Day” tariff policies. The trading range for 2026 has been less than half of what was seen in 2025.
Meanwhile, the monthly chart indicates that the 5.01-point range observed since July 31 is less than one-quarter of the total 2026 range. The VIX measures implied volatility for call and put options on S&P 500 stocks, which represent the most diversified U.S. stock market index. Typically, the VIX rises when the S&P 500 declines, and vice versa. As of October 16, the S&P 500 stood at 7,715, marking a 12.7% increase since the end of 2025. During that same period, the VIX rose 10%, climbing from 14.95 at the end of 2025 to 16.45 on October 16. At that time, the VIX was only 2.52 points above its 2026 low and 18.85 points below its 2026 high.
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