Moderate Volatility Persists in VIX, Tracking S&P 500 Trends and Oil Market Stability

The Cboe Volatility Index, known as the VIX, stands at a spot price of 16.85 as of January 28, 2026, according to Cboe Global Markets data. This reflects a percent change of 3.06 percent, up 0.50 points from the prior close.

Cboe reports this VIX spot price at 9:15 PM on January 28, marking an increase amid stable oil markets following recent US strikes, with WTI one-month implied volatility easing from 68 percent to 51 percent as supply disruption fears subside. The VIX, a key barometer of 30-day expected volatility from S&P 500 options, shows mean-reversion tendencies, trending toward long-term averages over time, per Cboe analysis.

Recent trends indicate moderate volatility. FRED St. Louis Fed data lists the January 27 close at 16.35, up from 16.15 on January 26 and 16.09 on January 23, but below the 52-week high of 60.13 and above the low of 13.38, as noted by Cboe. Earlier in January, Investing.com historical data shows fluctuations, with January 2 at around 14.85 open and values dipping to 14.20 on December 29, 2025, before climbing, suggesting investor sentiment stabilizing after year-end dips.

Underlying factors include the VIXs inverse relationship with the S&P 500, where rising stock prices often suppress volatility, and options pricing implying slight premiums over realized volatility, enabling arbitrage strategies. Cboe highlights reduced oil shock impacts on US inflation expectations compared to past events like 2022, contributing to this uptick without broader panic.

Market participants use VIX futures and options for hedging equity declines or betting on volatility shifts, with recent data showing calm despite geopolitical tensions.

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