@alexiskold VIX is an annualized 30-day measure (1 stand dev % move) of future volatility. So if sp500 is at 3,100 and VIX is at 30, we should not be too surprised to see SP bet 2,170 and 4,030 in 12 months or bet 2,830 and 3,370 in 1 month; lower bounds: 3100*0.7 and 3100*(1-0.30/sqrt(12))