Moreover, the CBOE Futures Exchange has revealed that annual trading volume for total exchange-wide activity and for futures on the CBOE Volatility Index touched were at new all-time highs in 2014, according to a press release, which suggests that more traders are turning to the VIX to hedge potential risks ahead.

Now, the VIX is gaining on the market’s misfortunes as oil prices touch 2009 lows and another act in the Greek drama plays out.

“The VIX spiked up quite a bit and that’s back to where we were in mid-December,” Randy Frederick, managing director of trading and derivatives at Charles Schwab Corp., said in the Bloomberg article. “There’s definitely some anxiety out there.”

iPath S&P 500 VIX Short Term Futures ETN

For more information on the CBOE Volatility Index, visit our VIX category.