Volatility made a dramatic return to Wall Street on Thursday, with the Cboe Volatility Index (VIX), widely regarded as the market’s “fear gauge,” surging back above the 50 level.

The spike comes just a day after markets recorded one of their strongest rallies on record, fueled by President Trump’s announcement of a 90-day suspension of tariffs on goods from 75 countries.

As of midday Thursday, the VIX was trading at 51.1 after reaching an intraday high of 54.87. This marks a swift reversal from Wednesday, when the index posted its largest single-day drop ever, highlighting the rapidly shifting investor sentiment.

“Today is not just about stocks' partial reversal of yesterday's impressive gains, VIX back above 50, and oil down hard. It is also a reminder that the bond market is not yet out of the woods in the US or some other countries. This includes the move up in Treasury yields on a pronounced 'risk off' day and, in the UK, the reported suspension by the Bank of England of its sale of long-dated bonds,” Mohamed A. El-Erian said.

The renewed surge in volatility underscores the current fragility in financial markets amid ongoing geopolitical tariff uncertainty, central bank policy shifts, and concerns about global economic growth.

Here are a group of ETFs and ETNs to further track market volatility:

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).