Exchange traded funds linked to the CBOE Volatility Index, or “VIX,” jumped Monday and Tuesday as the recent turn in the Eurozone financial saga soured markets.

The ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY) increased 5.1% at last check Tuesday.

On Monday, the volatility index spiked to an eight month high on the worsening Eurozone debt crisis, with the VIX surging as high as 17%.

The VIX is considered Wall Street’s “investor fear gauge” as it is a widely used measure of market risk.

“Investors are coming to the realization that things are slowing down here, and it’s not getting better abroad,” Terry L. Morris, a manager at National Penn Investors Trust Co., said in a Bloomberg article. “Complacency has gotten pretty high. The combination of Greece and Spain, and the China slowdown put investors in a more bearish mode.”

The VIX was 6.6% higher Tuesday.

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