The VIX, or CBOE Volatility Index, is a measure of market volatility calculated using S&P 500 Index options price data.12 It is often referred to as "the fear gauge." The VIX is currently below its historical average of between 19 and 20, indicating relative calm among investors.2 However, the put/call ratio for the VIX is currently around 1.49, which is at the upper end of its 2023 range.23 This suggests that traders are increasing their bets on market volatility, potentially indicating uncertainty bubbling below the surface of a buoyant market.2