Meanwhile, gold and silver ETFs have experienced a dip in implied volatility, which suggests that investors view holding precious metals as a safer bet.
The data “seems to show that options markets aren’t quite so lackadaisical as the VIX and its leisurely trek through 20 seems to imply,” Colas said. “Risk pricing in the options market is getting reset higher, but that process isn’t obvious to someone just watching a single indicator — the VIX.”
ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY)
Max Chen contributed to this article.