Volatility and term structure
Volatility levels, the VIX3M-to-VIX ratio and each reading’s historical percentile.
Hawk Thorne Volatility Term Structure Benchmark (HT-VTSB): VIX term structure and VIX3M/VIX ratio evaluated against historical percentiles back to 1990.
Spot VIX stands at 16.61, 44th percentile; 3M/spot ratio is 1.13 (Contango).
Observation date:
Contango
A VIX3M/VIX ratio above 1 indicates contango; below 1, backwardation. Both index readings must share the same date. This describes the term structure, not a forecast of market direction.
| Index | Level · index points | Historical percentile |
|---|---|---|
| VIX9D · 9 days | 15.19 | — |
| VIX · 30 days | 16.61 | 44/100 |
| VIX3M · 3 months | 18.80 | — |
| VIX6M · 6 months | 20.68 | — |
| VVIX · volatility of VIX | 90.41 | 49/100 |
| SKEW · tail asymmetry | 150.90 | 97/100 |
A dash means no observation for the stated date. Missing data is not zero; we do not substitute an older reading.
Reading the data
A VIX3M/VIX ratio above 1 indicates contango; below 1, backwardation. Both index readings must share the same date. This describes the term structure, not a forecast of market direction.
Percentiles compare each reading with that index’s available history. Coverage differs across series. The combined dataset begins: 1990-01-02.