A deconstruction of VolDex® implied vol into two parts: the diffusive (background) volatility of normal trading, and the event-driven (jump) volatility of known scheduled catalysts inside the window — FOMC, CPI, PCE, NFP, earnings. It tells you how much of a reading is the regime and how much is the calendar.

Diffusive vol is the steady, continuous noise of normal trading — it mean-reverts and trends with the regime. Event vol is the expected one-day jump around a scheduled catalyst — it collapses the instant the number prints. One is durable; the other is temporary.

Volatilities don't add, but variances do for independent contributions over time. Total variance over the window = diffusive variance + the sum of each event's variance. That identity is what lets the tool subtract the events and recover the baseline.

The diffusive volatility left over after the scheduled events are removed — what vol would be if nothing were on the calendar. It's the durable number to compare across days and against realized history; the events are what you trade around the date.

Scheduled macro releases — FOMC, CPI, PCE, NFP and more — and single-stock earnings. Each gets an estimated variance contribution. Unscheduled shocks aren't on the calendar, so they show up in the diffusive baseline rather than as an event.

Whether the event falls inside your option's life. An event only inflates implied vol if your 7- or 30-day tenor actually contains its date. The tool flags this, so you don't count a CPI that prints after your options expire — or miss one that's just inside.

Because the uncertainty it was insuring resolves. Before the event, options carry extra premium for the gap risk; the moment the number is out, that risk is gone and the premium evaporates. The diffusive baseline stays; the event chunk vanishes.

No. A high VolDex® can be almost entirely a scheduled event — a Fed meeting or earnings in the window — with a perfectly calm baseline. That's "expensive for one date," not elevated fear. The deconstruction is how you tell the two apart.

Event variances are modeled from history and implied moves, not observed directly; the additivity assumes independent contributions and only the scheduled events it knows about; and an unscheduled shock will land in the baseline. Read it as a grounded attribution, not an exact accounting.

ETFs on the ETF Analytics tier; any optionable single stock on ETF + Equities. The full deconstruction history is available as a CSV export on the Everything tier.

The input is VolDex®; the output — the event-stripped baseline — is the cleaner number to feed the Volatility Cones (rich vs realized history) and the Variance Risk Premium (rich vs the move that follows). Stripping the scheduled noise sharpens every downstream comparison.