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Volatility soars, with VIX jumping to the highest level of 2024
Seeking Alpha News (Fri, 12-Apr 2:19 PM ET)
The CBOE Volatility Index (VIX) is a widely followed measure of the expected volatility of the S&P 500. Since the VIX is not directly investable S&P 500 volatility exposure is often achieved through VIX futures. Each of the VIX futures indexes measures the movements of a combination of VIX futures and is designed to track changes in the expectation for VIX over a specific time window in the future. As a result the S&P 500 VIX Short-Term Futures Index and VIXY can be expected to perform differently than the VIX.
ProShares Vix Short-Term Futures ETF trades on the ARCA stock market under the symbol VIXY.
As of April 17, 2024, VIXY stock price declined to $14.87 with 7,519,450 million shares trading.
VIXY has a beta of -3.06, meaning it tends to be less sensitive to market movements. VIXY has a correlation of 0.59 to the broad based SPY ETF.
VIXY has a market cap of $159.12 million. This is considered a Micro Cap stock.
In the last 3 years, VIXY stock traded as high as $204.40 and as low as $12.66.
VIXY has underperformed the market in the last year with a return of -63.6%, while the SPY ETF gained +23.0%. In the last 3 month period, VIXY fell short of the market, returning -2.8%, while SPY returned +5.7%. However, in the most recent 2 weeks VIXY has outperformed the stock market by returning +11.1%, while SPY returned -3.5%.
VIXY support price is $14.47 and resistance is $15.55 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that VIXY stock will trade within this expected range on the day.