VSTOXX vs S&P 500
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
VSTOXX is the European VIX, measuring Euro Stoxx 50 implied volatility. Rising VSTOXX with rising SPY signals European-specific stress that has not yet spread to US equities. Persistent VSTOXX elevation alongside falling SPY confirms global risk-off. VSTOXX/VIX ratios reveal where volatility is concentrated geographically.
Cross-Asset Analysis
This page pairs VSTOXX (VSTOXX, implied volatility on Euro Stoxx 50 options) against S&P 500 ETF (SPY) (SPDR S&P 500 ETF, tracks the benchmark US equity index) to surface the specific macro signal that lives in the cross asset pair relationship. In risk-on regimes, correlations across asset classes converge toward fair values, and the VSTOXX-S&P 500 ETF (SPY) spread usually obey its historical fair value. VSTOXX and S&P 500 ETF (SPY) originate in different asset classes, and the interaction between them encodes cross-asset macro dynamics that neither alone can convey.
Cross-asset flows trail macro regime changes with well-documented lags, which is why spreads like VSTOXX-S&P 500 ETF (SPY) often precede coincident indicators. The connection between VSTOXX and S&P 500 ETF (SPY) runs through shared macro drivers, and isolating the spread separates common factors from idiosyncratic noise. Regime identification based on VSTOXX-S&P 500 ETF (SPY) can be circular, because extreme spread values often snap back via mean reversion or regime change.
Policy-driven transitions trigger fast repricing into the VSTOXX-S&P 500 ETF (SPY) relationship because the two markets adjust to policy guidance on different timescales. Idiosyncratic shocks in either VSTOXX or S&P 500 ETF (SPY) produce spread moves unrelated to the broader macro story.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between VSTOXX and S&P 500 ETF (SPY)?+
VSTOXX and S&P 500 ETF (SPY) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between VSTOXX and S&P 500 ETF (SPY) captures the specific macro signal that flows through this relationship.
When does VSTOXX typically lead S&P 500 ETF (SPY)?+
VSTOXX tends to lead S&P 500 ETF (SPY) during macro regime changes, where the more liquid asset moves first. In those periods, moves in VSTOXX precede corresponding moves in S&P 500 ETF (SPY) by days to weeks, depending on the transmission channel and the depth of each market.
How are VSTOXX and S&P 500 ETF (SPY) historically correlated?+
Long-run correlation between VSTOXX and S&P 500 ETF (SPY) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the VSTOXX-S&P 500 ETF (SPY) relationship.
What macro conditions drive divergence between VSTOXX and S&P 500 ETF (SPY)?+
Divergence between VSTOXX and S&P 500 ETF (SPY) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in VSTOXX or S&P 500 ETF (SPY).
Is VSTOXX a hedge for S&P 500 ETF (SPY)?+
Cross-asset hedges between VSTOXX and S&P 500 ETF (SPY) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the VSTOXX-S&P 500 ETF (SPY) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.