Convex Risk Appetite Index

Convex Risk Appetite Index, cross-asset risk appetite from 5 ETF price ratio z-scores (IWM/SPY, HYG/LQD, XLY/XLP, EEM/EFA, KRE/SPY). 0-100 scale.

Convex Risk Appetite Index is part of the Sentiment & Positioning category. Positioning data reveals what the market is actually doing, as opposed to what it says it is doing. FINRA margin debt peaked ahead of every major bear market cycle of the last 40 years, while extreme readings in the AAII bull-bear spread are classic contrarian signals. CFTC commitments of traders separates speculative from commercial flow, identifying when large specs are overextended in either direction.

Convex Risk Appetite Index is updated once per day after market close. Each metric page on Convex shows the exact time of the last data update and provides historical data going back up to five years.

Convex sources Convex Risk Appetite Index data from the Federal Reserve Economic Data (FRED) API, maintained by the Federal Reserve Bank of St. Louis. Data is fetched automatically and displayed alongside interactive charts, AI analysis, and historical context.

The Convex Risk Appetite Index page includes an interactive chart with selectable time ranges (1 month to 5 years), percentage changes over multiple timeframes, a table of recent readings, AI-generated analysis, and links to related metrics and comparisons.