“The European Union is dealing with a problem they’ve never encountered before and that’s worrisome for investors,” Gareth Watson, V.P. of investment management at Richardson GMP Ltd., said. “It’s unknown territory” and “there are no easy answers or quick answers to the European situation.”

The VIX has maintained levels above 30 for two months now, its longest sustained rally since the Lehman Brothers fiasco, reports Mark Gongloff for The Wall Street Journal. The VIX, though, is still off its intraday peak of 48 on August 8.

iPath S&P 500 VIX Short-Term Futures

For more information on the market volatility, visit our volatility category.

Max Chen contributed to this article.