The great volatility smash

Wednesday 24 December 2025

From the Market Ear:

The vol smash

All volatilities have been reset lately, but NASDAQ volatility remains way above year lows, VIX is close to year lows and Russell volatility, RVX, is practically at year lows.

Seen VVIX?

VIX is down, but VVIX has crashed lately.

Soggy VIX

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.