Volatility has been the state of play over Monday and Tuesday, as major market indices have seen dizzying swings on either side of the flat line. This whipsawing in sentiment is perhaps no better reflected than in Wall Street's fear gauge, which closed above 50 points for the first time in just over five years.

The Cboe Volatility Index (VIX) on Tuesday soared as high as 57.52 on the session and closed at 52.33. The last time the gauge ended above the 50 level was on April 2, 2020, when markets were gripped in the fallout of the COVID-19 collapse.

The broader averages, meanwhile, roared out of the gates but finished the day in the red. 

The VIX has rocketed higher by a whopping +143.3% since April 2, the day U.S. President Donald Trump unveiled sweeping reciprocal tariffs in what were the steepest American trade barriers imposed in over a century. 

“The VIX index doesn’t get as high as 45+ very often... and when it does, it tends to mark a short-term bottom,” Seeking Alpha analyst MoneyShow said. 

Here are volatility-based ETFs and ETNs: 

Short Term Volatility Funds: The iPath Series B S&P 500 VIX Short Term Futures ETN (BATS:VXX) and the ProShares VIX Short-Term Futures ETF (BATS:VIXY). 

Medium Term Volatility Funds: The iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) and ProShares VIX Mid-Term Futures ETF (BATS:VIXM).

Leveraged Volatility Funds: The ProShares Ultra VIX Short-Term Futures ETF (BATS:UVXY), ProShares Short VIX Short-Term Futures ETF (BATS:SVXY), and 2x Long VIX Futures ETF (BATS:UVIX).