The world's leading
independent volatility indexes.

VolDex® measures implied volatility the way professional option traders do — from at-the-money options only, using a closed-form solution — for a clean, intuitive read on what the market expects over the next 30 days, and the foundation that lets you Deconstruct Skew®. VIX®, by contrast, blends a large, variable basket of out-of-the-money options at many strikes, so its level is heavily influenced by skew and by options that rarely trade.

Available across five broad asset classes — equities, fixed income, precious metals, cryptocurrency, and volatility — and on the biggest, most important, highest-option-volume individual stocks in the U.S. market. VolDex® is the only independent at-the-money implied-vol index family spanning all of them.

PutDex® tracks the cost of out-of-the-money puts — the options that institutions buy when they genuinely fear a market crash. Unlike VIX, which blends all strikes, PutDex® isolates the downside protection trade specifically.

When PutDex® spikes sharply, large pools of capital are paying up for downside insurance. That is actionable information. PutDex® has historically led market dislocations by days to weeks.

RiskDex® is the ratio of PutDex® to CallDex® — giving you a single, normalized measure of whether the market is leaning bearish (expensive puts) or bullish (expensive calls). When RiskDex® is above 1, put demand dominates. Below 1, calls dominate.

RiskDex® cuts through the noise of narrative and gives you a clean read on what market participants are actually doing with their money in the options market.

TailDex® measures the cost of deep out-of-the-money puts — options that only pay off in genuine market crashes. Because few investors think they need this protection until it's too late, TailDex® tends to spike before the crowd realizes there's a problem.

TailDex® was elevated weeks before the COVID crash in 2020, and flashed warnings before both the 2018 Q4 selloff and the 2022 rate-driven bear market. It remains one of the most powerful leading indicators in the Nations index family.