Why does the VIX go up when the S&P 500 goes down?

The VIX is derived from SPX option prices, and demand for downside protection rises when equities fall. That pushes put premiums up, which raises implied volatility and therefore the index. Falling markets also realize larger daily moves, which reinforces the effect.

How strong is the VIX and S&P 500 correlation?

Daily percentage changes in the VIX and the S&P 500 have historically shown a strong negative correlation, typically around -0.7 to -0.8, and the relationship tightens during selloffs. It is not a fixed constant: quiet grinding markets can see the two drift apart for stretches.

Is the VIX the S&P 500 volatility index?

Yes. The CBOE Volatility Index measures the market's expectation of 30-day volatility in the S&P 500 specifically, calculated from a strip of near-term and next-term SPX option prices. Other indices such as VXN cover the Nasdaq 100.

Can the VIX and the S&P 500 rise together?

Yes, and it is worth noticing when it happens. A VIX that climbs alongside a rising S&P 500 usually means traders are buying protection into strength, often ahead of a known event. These divergences are relatively rare and have sometimes preceded pullbacks.

S&P 500 VIX Index Chart — Live VIX vs S&P 500

S&P 500 VIX Index Chart — Side by Side

VIX 25.64 −2.54 (−9.01%)

Elevated

Close for Nov 6, 2026, source: Cboe

S&P 500 (SPY ETF) Live

The VIX chart uses Cboe data delayed about 15 minutes. The second chart is SPY, the ETF that tracks the S&P 500, because the SPX index itself is not available to embedded charts.

VIX vs S&P 500: The Numbers

9,276 sessions from Jan 2, 1990 to Nov 6, 2026 · source: Cboe daily VIX and SPX history

Moved in opposite directions: 78% of days
Correlation since 1990: -0.70
Correlation, last year: -0.85
Correlation, last 60 days: -0.91

How the VIX reacts to the S&P 500's daily move
S&P 500 that day	Sessions	Avg VIX change (pts)	VIX rose
Down 3% or more	108	+6.48	99%
Down 2% to 3%	219	+2.95	97%
Down 1% to 2%	803	+1.62	94%
Down 0% to 1%	3,167	+0.36	70%
Up 0% to 1%	3,742	−0.44	25%
Up 1% to 2%	957	−1.36	8%
Up 2% or more	280	−3.05	4%

Why they move in opposite directions

The VIX is calculated from SPX option prices. When equities fall, demand for downside protection rises, put premiums expand, and implied volatility — and therefore the VIX — goes up. Falling markets also realize bigger daily moves, which reinforces the effect from the other side.

How tight is the link?

Daily percentage changes in the two have historically run at a correlation near −0.7 to −0.8, and the relationship tightens sharply during selloffs. It loosens in quiet, grinding markets, where the S&P 500 can drift higher while the VIX simply sits still.

The asymmetry that matters

The VIX rises faster on down days than it falls on up days of equal size. A 2% S&P 500 drop typically moves the VIX more than a 2% rally moves it back. That convexity is exactly what makes long volatility useful as a hedge — and expensive to hold.

Reading the Two Together

Page last reviewed on 2026-10-31. Live chart data is streamed continuously from TradingView. Educational information only, not investment advice.

VIX vs S&P 500 — Live Chart

S&P 500 VIX Index Chart — Side by Side

VIX vs S&P 500: The Numbers

Why they move in opposite directions

How tight is the link?

The asymmetry that matters

Reading the Two Together

The relationship

When it breaks down

Historical episodes

Acting on it