VIX is a ticker symbol and shorthand for the Chicago Board Options Exchange (CBOE) Volatility Index. The level of the VIX shows the market’s expectation of 30-day volatility, thus it is a forward-looking reference point. The implied volatilities of a wide range of S&P 500 index options, including both calls and puts, are used to create the VIX. VIX is now a widely-used measure of market risk, often referenced as the “investor fear gauge.”