VSTOXX vs VIX
VSTOXX (V2TX) is the European equivalent of VIX, measuring 30-day implied volatility on Euro Stoxx 50 options traded on Eurex. VIX (CBOE Volatility Index) measures 30-day implied volatility on S&P 500 options.
Also known as: VSTOXX (EU VIX, Euro volatility) · VIX (fear index, volatility index, CBOE VIX)
Why This Comparison Matters
VSTOXX (V2TX) is the European equivalent of VIX, measuring 30-day implied volatility on Euro Stoxx 50 options traded on Eurex. VIX (CBOE Volatility Index) measures 30-day implied volatility on S&P 500 options. The two are calculated using similar (though not identical) methodologies: square root of implied variance across all eligible options at given time, interpolated to constant 30-day maturity. Long-run correlation between VIX and VSTOXX averages 0.80-0.95 (very high). VSTOXX hit 3-year high in early April 2026 due to global trade disruption concerns; Euro Stoxx 50 dropped 8.8 percent in first 9 sessions in April. VIX peaked at 31.05 on March 27, 2026 then declined to 18.76 by April 24. The VSTOXX/VIX ratio reveals relative pricing of European vs US risk.
The April 2026 Configuration
VIX closed April 24, 2026 at 18.76 (down from peak 31.05 on March 27, 2026). VSTOXX hit 3-year high in early April 2026 (estimated peak 32-35 range based on Euro Stoxx 50 -8.8 percent decline in first 9 sessions of April). Current VSTOXX estimated 22-26 range tracking VIX direction with modest premium.
The combined April 2026 reading: European volatility elevated relative to US volatility. VSTOXX/VIX ratio approximately 1.20-1.40 (above long-run average of 1.05-1.15). The spread reflects: (1) European-specific concerns from Iran war oil shock impacts on European industrials/auto; (2) global trade disruption concerns disproportionately affecting export-heavy Europe; (3) Euro Stoxx 50 -8.8 percent decline in April 2026 vs SPY -8 percent decline (parallel but European volatility responding more sharply due to lower liquidity).
The configuration is unusual historically. VSTOXX typically trades at modest premium to VIX (10-20 percent) reflecting lower European market liquidity and higher kurtosis. Current premium expanded to 20-40 percent indicates region-specific stress in Europe beyond global volatility regime.
How VSTOXX and VIX Diverge
VSTOXX and VIX are highly correlated (0.80-0.95 long-run correlation) but diverge during specific stress regimes. The two move together when global volatility shocks dominate (2008 GFC, 2020 COVID, 2018 February vol-mageddon). They diverge when stress is region-specific.
European-specific stress regimes (VSTOXX > VIX premium expansion): 2011 European debt crisis (VSTOXX peaked 50+, VIX peaked 45); 2012 Greek crisis (VSTOXX 35, VIX 22); 2015 Greek referendum (VSTOXX 35, VIX 17); 2016 Brexit (VSTOXX 35, VIX 25); 2022 Russia invasion (VSTOXX 50+, VIX 35); 2026 trade disruption April (VSTOXX 3-year high, VIX peaked 31).
US-specific stress regimes (VSTOXX < VIX): 2018 February vol-mageddon (VIX +260 percent in one day to 50, VSTOXX more contained); 2020 SPX-only flash crash episodes; 2023 March SVB crisis (regional banking, more US-specific).
Global stress (VSTOXX = VIX with both elevated): 2008 GFC (VIX 80, VSTOXX 90+); 2020 COVID (VIX 82, VSTOXX 85+); 2026 Iran war initial shock (both spiked together).
The VSTOXX/VIX ratio in normal conditions: 1.05-1.15. Region-specific stress: ratio expands to 1.4-1.8. Global stress: ratio compresses to parity.
VSTOXX Methodology and Differences from VIX
Conditional Forward Response (Tail Events)
How VIX has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in VSTOXX. Computed from 1,266 aligned daily observations ending .
Following these triggers, VIX falls 0.98% on average over the next 5 sessions, versus an unconditional baseline of +1.18%. 127 qualifying events; VIX closed positive in 46% of them.
90-Day Statistics
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Frequently Asked Questions
What are VSTOXX and VIX?+
VSTOXX (V2TX, ticker DE000A0C3QF1) is the European equivalent of VIX, measuring 30-day implied volatility on Euro Stoxx 50 options traded on Eurex. Since 2005, VSTOXX has measured expectations for volatility in Eurozone's flagship equity benchmark. VIX (CBOE Volatility Index) measures 30-day implied volatility on S&P 500 options. April 2026: VIX 18.76 (April 24, off March 27 peak 31.05); VSTOXX hit 3-year high in early April 2026 due to global trade disruption concerns; Euro Stoxx 50 dropped 8.8% in first 9 sessions of April. VSTOXX/VIX ratio approximately 1.20-1.40 (elevated European premium). 11 VSTOXX sub-indices for fixed maturities up to 360 days.
How are VSTOXX and VIX correlated?+
Long-run correlation between VIX and VSTOXX 0.80-0.95 (very high). Long-term 10-year correlation 0.95; single-year correlation can be lower (e.g., 0.80 in 2015). Both move in same direction to similar extent as European and US stocks move together - often, but not always. Calculation similar but not identical: square root of implied variance across all eligible options interpolated to 30-day maturity. Differences: VSTOXX uses Euro Stoxx 50 options (50 large-cap eurozone) on Eurex; VIX uses S&P 500 options on CBOE. VSTOXX more responsive to Euro-specific shocks but with smaller market depth. VIX has deeper market with more institutional hedging.
When do VSTOXX and VIX diverge?+
European-specific stress (VSTOXX > VIX premium expansion): 2011 European debt crisis (VSTOXX 50+, VIX 45); 2012 Greek crisis (VSTOXX 35, VIX 22); 2016 Brexit (VSTOXX 35, VIX 25); 2022 Russia invasion (VSTOXX 50+, VIX 35); 2026 trade disruption April (VSTOXX 3-year high, VIX peaked 31). US-specific stress (VSTOXX < VIX): 2018 February vol-mageddon (VIX +260% in one day to 50, VSTOXX 35); 2023 March SVB crisis (regional banking US-specific). Global stress: 2008 GFC (VIX 80, VSTOXX 90+); 2020 COVID (VIX 82, VSTOXX 85+). VSTOXX/VIX ratio normal 1.05-1.15. Region-specific 1.4-1.8. Global parity.
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