Trouble in the emerging markets sent the CBOE Volatility Index, or “VIX,” along with related exchange traded funds, soaring. While volatility was abating Monday, investors may be in for more turmoil ahead.

“The experience of the marketplace this past week is going to be indicative of this entire year,” BlackRock Inc. (NYSE: BLK) Chief Executive Officer Laurence D. Fink, said at the World Economic Forum in Davos, Switzerland, Bloomberg reports. “We’re going to be in a world of much greater volatility.”

The VIX jumped 47.1% to a high of 18.9 Monday, compared to the 12.9 close last Wednesday. However, the volatility index was down 5.9% and now hovers around 17.3.

The index has been reflecting a complacent equities market as stocks rallied from last year. With readings higher after the bout of volatility, the index is still hovering around its historic average.

Volatility spiked after emerging market currencies Turkish lira, South Africa’s rand and Argentina’s peso plunged, along with China growth concerns. [Tapering Bets Send EM Currencies Reeling]

“Markets have become agitated by the slide in currencies of weak emerging economies, more-pronounced liquidity concerns in China and disappointing economic data from the US,” Gary Dugan, chief investment officer Asia and Middle East at Coutts, said in a Financial Times article.

The iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX), a VIX-related exchange traded note, and the ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY) both rose almost 9% over the past week. Nevertheless, VXX was down 0.8% and VIXY was down 0.9% Monday.

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