Read US equity volatility and corporate credit pricing together. This monitor shows daily VIX closing observations and the ICE BofA US High Yield option-adjusted spread, with a separate date for each series.
These are daily historical observations, not live trading quotes. VIX measures expected volatility; high yield OAS measures a credit-spread premium. Neither is a standalone buy/sell signal or a recession forecast.
VIX - Recent Daily History
High Yield OAS - Recent Daily History
What VIX measures
The Cboe Volatility Index derives expected volatility over approximately the next 30 days from S&P 500 index option prices. It is quoted as an annualized volatility measure. It is not a poll of investor emotions and does not directly measure Bitcoin or Nasdaq volatility.
A higher VIX reflects greater expected movement, not a guaranteed market decline. VIX often rises during sharp equity selloffs, but stocks can rebound while it remains high. A low reading can persist and does not prove that a crash is imminent.
What do the dashboard labels mean?
The dashboard uses descriptive bands below. These are CoinPop display conventions, not official Cboe thresholds or investment signals. Compare the level with its recent trend and speed of change.
| Series | Displayed range | Label |
|---|---|---|
| VIX | Below 15 | Low Volatility |
| VIX | 15 to below 22 | Moderate Volatility |
| VIX | 22 to below 30 | Elevated Volatility |
| VIX | 30 or above | High Volatility |
| High yield OAS | Below 3.5% | Low Credit Spread |
| High yield OAS | 3.5% to below 5% | Moderate Credit Spread |
| High yield OAS | 5% or above | High Credit Spread |
What the US high yield spread measures
The ICE BofA US High Yield Index option-adjusted spread (OAS) compares below-investment-grade US dollar corporate debt with a Treasury reference curve, adjusting for embedded options. It summarizes a market-priced spread premium; it is not the bond index’s total yield, a default probability or GDP growth.
A displayed spread of 3.5% means 3.5 percentage points, or 350 basis points, over the reference curve. A move from 3% to 4% is a widening of 1 percentage point (100 basis points). This arithmetic is an illustration, not a current observation.
Widening can indicate that investors demand more compensation for credit risk and related market conditions. Narrowing indicates less spread compensation. Low spreads do not establish that the entire economy is strong, and no universal spread threshold confirms a recession.
How to read VIX and credit spreads together
| Observed change | Possible interpretation | What to check next |
|---|---|---|
| VIX up; OAS up | Equity option uncertainty and credit-spread compensation are both increasing. | News, funding conditions, equity drawdowns and whether the changes persist. |
| VIX up; OAS little changed | Equity-market stress has not yet appeared to the same extent in the displayed credit series. | Different observation dates, reporting lag and equity-specific events. |
| VIX down; OAS still elevated | Equity volatility expectations may ease while credit stress remains. | Credit trend, liquidity and issuer risk. |
| Both low or falling | Lower priced volatility and credit-spread compensation. | Whether risk is being underpriced; low readings do not guarantee safety. |
These are interpretations to investigate, not causal rules. Both series can react to the same event, and credit data can be published later than equity prices.
A practical reading checklist
- Check both observation dates. A browser refresh does not create a new daily close.
- Compare level and change. A rapid move from a low base can matter even before a display threshold is crossed.
- Look for agreement or divergence. Confirm the same time window before comparing the charts.
- Add context. Check rates, inflation releases, liquidity conditions, corporate news and market prices.
- Review position risk. Assess leverage, concentration and liquidity independently of the dashboard’s colors.
Data frequency, history and update limits
The charts use FRED series VIXCLS and BAMLH0A0HYM2. Both are daily closing series, with different publication schedules. The dates above are the source observation dates, not an intraday quote timestamp. These daily observation dates belong to the U.S. market session; they are not midnight UTC instants to convert into another calendar day. Weekends, holidays and source delays can leave the most recent dates unchanged or different between the series.
This site caches successful series retrievals for six hours and can display the last valid observations when an update fails. Charts show up to 260 recent observations, so their calendar span can vary; they are not an exact rolling-year calculation. Missing observations are omitted rather than converted to zero.
Frequently asked questions
Is VIX above 30 or 40 a market-bottom signal?
No. Elevated volatility can persist or rise further. A high reading does not identify a reliable turning point; a low reading does not identify a market top.
Does VIX measure Bitcoin fear?
No. Its inputs are S&P 500 options. It can provide broad risk context for crypto, but any relationship with Bitcoin can change. Bitcoin’s separate Fear & Greed Index uses a different methodology.
Can the high yield spread predict a recession?
It provides information about credit pricing, but it cannot establish recession timing or certainty. Employment, output, inflation, liquidity and other evidence must be evaluated separately.
Can I buy the VIX index itself?
The index is a calculated measure. VIX derivatives and exchange-traded products have their own pricing, expiries, costs and rollover effects; their returns can differ substantially from a change in spot VIX.
Why does my chart differ from a trading platform?
Check whether you are comparing a daily close, an intraday spot reading, a futures contract or a product linked to futures. Also compare observation dates, time zones and data delays.
Definitions and original data providers
- Cboe: VIX overview and methodology resources.
- Chicago Board Options Exchange, CBOE Volatility Index: VIX [VIXCLS], retrieved from FRED, Federal Reserve Bank of St. Louis.
- ICE Data Indices, LLC, ICE BofA US High Yield Index Option-Adjusted Spread [BAMLH0A0HYM2], retrieved from FRED, Federal Reserve Bank of St. Louis. Source series notes describe methodology and data-use terms.
Market indicators can be delayed, revised or unavailable and do not guarantee future returns. Stocks, bonds, crypto and derivatives can lose value.
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Explanation and source definitions checked November 5, 2026. Data timestamps are shown separately above. Educational information; not personalized investment advice.