OVX (Oil VIX) Rose Record 119%, GVZ (Gold VIX) Up 96% in Past 3 Months – By Matt Moran

Over the past three calendar months (September through November) —

  1. The CBOE Crude Oil ETF Volatility Index (OVX) rose 119%, the highest percentage rise for OVX over three calendar months since the inception of OVX price history in 2007. The OVX Index is a measure of the market’s expected future volatility of the United States Oil Fund ETF (USO) www.cboe.com/OVX;
  2. The CBOE Gold ETF Volatility Index (GVZ) rose 96%. The GVZ Index is a measure of the market’s expected future volatility of the SPDR Gold Trust ETF (GLD) www.cboe.com/GVZ;
  3. The spot prices for crude oil (WTI) fell 31.1% and for gold fell 9.3%.
  4. The market capitalizations for Apple (AAPL) stock rose 14%, and for Exxon Mobil (XOM) stock fell 10%.


Investors who have a view on the future movement of oil volatility, gold volatility, and stock market volatility can explore tradable futures and options contracts on the OVX, GVZ, and VIX® indexes. Please note that the futures prices for volatility indexes often do not move as much as the spot volatility index prior to expiration. The closing values for last Friday were 36.44 for the OVX Index, 25.17 for the GVZ Index, and 13.33 for the CBOE Volatility Index® (VIX®).

1 - 3 vol indexes


As noted above, over the past three months, the spot price for crude oil (WTI) fell 31.1%, the market capitalization for Exxon Mobil (XOM) stock fell 10%, and the CBOE Crude Oil ETF Volatility Index (OVX) rose 119%. The chart below shows the market capitalizations for three stocks that have been among the largest in the world (in terms of market capitalization) since 1999, and changes in oil prices have impacted the value of Exxon Mobil stock.



Investors who wish to hedge exposure to energy-related securities might initially consider protective put options on XOM stock and the USO ETF, but if investors would like instruments with the potential to explode on the upside in the event of more volatility in the crude oil market, futures and call options on the OVX Index are other instruments that could be considered. As shown in the chart below, last month the contract volume for call options, put options, and futures on the OVX Index all topped 980 contracts.

OVX & GVZ volume

For more information on options and futures on volatility indexes (including strategies and pricing), please visit www.cboe.com/volatility.

The posts on this blog are opinions, not advice.
Please read our disclaimer for Indices.

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