Exchange traded funds that track the movement of CBOE Volatility Index futures reflect the growing complacency within the equities market as investors feel more confident in dipping back into riskier assets.

Over the past three months, the iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX) and the ProShares VIX Short-Term Futures ETF (NSYEArca: VIXY) have plunged almost 47%.

In contrast, the VelocityShares Daily Inverse VIX Short-term ETN (NYSEArca: XIV) has gained 64.9% and the ProShares Short VIX Short-Term Futures ETF (NYSEArca: SVXY) returned 63.8% over the same period. They’re inverse ETFs that move in the opposite direction of VIX futures.

Meanwhile, the S&P 500 has increased 8.2% in the last three months as monetary easing measures sent the markets back to a “risk-on” rally.

The VIX now hovers around 14.3, which is below its historical mean and median and near a five-year low – the index traded at a five-year low of 13.45 on Aug. 17.