: Common tactical frameworks use the ratio of VXX and XIV (or their modern equivalents like SVXY) based on the VIX-to-Historical Volatility (HV) ratio . If the 5-day average of [
: Indicates XIV (or modern equivalents) is outperforming VXX. This suggests market complacency, low risk perception, and a sustained bullish trend Mechanical Drivers: Contango and Backwardation The ratio is heavily influenced by the roll yield of VIX futures: Contango (Normal Market) vxx xiv ratio
" : This 2016 paper by Bordonado, Molnar, and Samdal is a primary source for trading the . It tests the ability of these ETPs to hedge the S&P 500 and proposes a strategy to capture the VIX futures roll yield by switching between long and inverse volatility products. : Common tactical frameworks use the ratio of