VIX Implied Vol Term Structure
VIX Implied Volatility Term Structure — Current vs. 6 Months Ago
Source: CBOE
Data updated daily
VIX Implied Vol Term Structure
What it measures
The VIX implied volatility term structure plots the market's expected volatility of the S&P 500 across four horizons — 9 days, 30 days, 3 months, and 6 months — derived from CBOE volatility indexes. This chart shows the current term structure alongside a snapshot from 6 months ago, plus an optional user-selected comparison date.
Why it matters
The shape of the VIX term structure is a widely used gauge of market stress and positioning. Under normal conditions, the curve slopes upward (contango) — near-term volatility is priced lower than longer-term volatility, reflecting calm markets and a risk premium for holding longer-dated volatility exposure. When near-term fear spikes above longer-term expectations, the curve inverts (backwardation) — a pattern that has historically coincided with acute market sell-offs and risk-off events. Comparing today's curve against a prior snapshot shows whether volatility expectations are rising, falling, or shifting between near-term and longer-term horizons.
How it is calculated
LENSE Analytics pulls daily closing values for four CBOE volatility indexes. For each snapshot date — today, 6 months prior, and any custom date selected — LENSE Analytics takes the most recent available value for each tenor on or before that date. Tenors with no available data for a given snapshot are omitted from that curve.
Data source: CBOE. Computed and published by LENSE Analytics.