Updated September 19, 2026: The Cboe Volatility Index, or VIX, closed at 14.81 on September 18, according to Cboe. The VIX is a forward-looking measure of expected near-term S&P 500 volatility derived from option prices.
What is the VIX?
The VIX measures the market's expected volatility for the S&P 500 over the near term. It is calculated from S&P 500 option prices, so it reflects the price investors are paying for exposure to future market movement and protection.
What does the VIX level mean?
A higher VIX generally means options are pricing more expected volatility. A lower VIX generally means lower expected volatility. The VIX does not tell you whether stocks will rise or fall.
| VIX condition | General interpretation |
|---|---|
| Lower VIX | Lower expected near-term volatility |
| Higher VIX | Higher expected near-term volatility |
| Rising VIX | Volatility expectations increasing |
| Falling VIX | Volatility expectations decreasing |
Why does the VIX move?
Option prices can change when traders reassess economic data, Federal Reserve policy, earnings, geopolitical risks, liquidity or the probability of a large stock-market move. That means the VIX can rise before a large price move actually occurs.
How does the VIX relate to the Fed?
Federal Reserve decisions can change both interest-rate expectations and equity volatility. On September 16, the Fed raised the federal funds target range to 3.75%-4.00% and said inflation remained elevated. Ahead of that decision, short-term volatility measures became more active.
VIX and the 10-year Treasury yield
The VIX and 10-year Treasury yield are not the same type of indicator. The 10-year yield tracks a benchmark government bond rate, while the VIX tracks expected S&P 500 volatility. They can rise together during a broad macro shock, but they can also move in opposite directions.
What should you watch with the VIX?
- VIX term structure and shorter-duration volatility indexes.
- S&P 500 price action and market breadth.
- 10-year Treasury and real yields.
- Credit spreads and market liquidity.
- Inflation, jobs data and Fed communication.
- Oil and other major commodity prices.
Frequently asked questions
What is the VIX today?
Cboe reported a VIX spot price of 14.81 as of September 18, 2026.
Does a high VIX mean the market will crash?
No. A high VIX indicates greater expected volatility, not a guaranteed market decline or crash.
Is VIX the same as actual volatility?
No. VIX is a measure of expected volatility implied by S&P 500 option prices.
Source: Cboe VIX official data and methodology.
Quick answer: What is the VIX today?
Cboe reported a VIX spot price of 14.81 at the September 18, 2026 close, down 4.08% on the session. The index had closed at 17.71 on September 16 and 15.44 on September 17, showing how quickly volatility expectations can change.
Fresh angle: VIX is about expected movement, not market direction
The most useful way to read the VIX is as a price-based estimate of expected S&P 500 volatility. It does not forecast whether the index will finish higher or lower. A falling VIX can coexist with a falling stock market, and a rising VIX can occur during either a sharp selloff or a period of rapid two-way trading.
VIX market data are published by Cboe and are derived from S&P 500 option prices.
Cboe VIX
Data checked September 19, 2026. VIX is a market indicator, not a standalone forecast of returns.
