CBOE VIX Volatility Index declined more than 10% on Thursday.
The CBOE VIX (VXX) was back on the defensive Thursday, as rebounding energy prices pushed equity markets higher.
The Chicago Board Options Exchange (CBOE) Volatility Index, commonly known as the VIX, reached an intraday low of 50.45 on a scale of 1-100 where 20 represents the historic average. It would eventually settle at 50.91, where it was down 10.8%.
In stocks, the large-cap S&P 500 Index (SPY) rallied 2.3% on Thursday.
iPath S&P 500 VIX Short Term Futures ETN: (NYSEARCA:VXX) Designed to offer exposure to the S&P 500 VIX Short Term Futures Index Total Return. The Index uses CBOE Volatility Index futures by way of a long position in the first and second month VIX Futures contracts. VXX declined 5.7%.
ProShares Short VIX Short-Term Futures (SVXY) to track the inverse daily performance of the S&P 500 VIX Short Term Futures Index. SVXY advanced 2.6%.
ProShares Ultra Short Term VIX Futures: (UVXY) UVXY is designed to deliver 1.5X (leveraged) returns of the day’s moves in the S&P 500 VIX Short Term Futures Index. It tacks the two front months of the futures contract. UVXY declined 8.4%.
VelocityShares Daily 2x VIX Short Term Futures ETN (TVIX) TVIX is a leveraged VIX ETN that tracks an index of futures contracts on the VIX Short-Term Futures Index. It provides 200% leverage on the volatility moves. TVIX declined 10.4%.
The Final Word: Volatility remains elevated as coronavirus continues to wreak havoc on the global economy. The global caseload exceeded 1 million on Thursday, with the United States accounting for roughly a quarter of all confirmed cases.