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NDX just ripped +13% off the lows… but look under the hood.VIX is calm at ~18.4
VIXEQ is exploding at 41.7
Ratio → 2.27 → DISPERSION regime (Broad Stress).
Simple breakdown:
- The VIX measures expected volatility of the overall S&P 500 index (heavily influenced by a few mega-cap stocks).
- VIXEQ measures the average expected volatility of individual S&P 500 stocks.
When VIXEQ is much higher than VIX (high ratio), it means the broader market is pricing in a lot more fear and bigger potential swings in individual stocks
The NDX rally is being carried by a handful of mega-caps, but underneath, there’s elevated stress and volatility spreading across the rest of the market.
Looks better than it feels.