More volatility ahead? Be ready with SPDR ETFs.

Interact with the circles to learn about past periods of volatility. See how SPDR ETF trading volumes correlate with the VIX as the index moves.1

  • Low
  • Volatility Level
  • High
  • SPDR ETF Secondary Trading Volume ($ Billions) 10-Day Average
  • VIX Index 10-Day Average Level

During the Great Financial Crisis (GFC) of 2008-2009, considered the most serious economic crisis since the Great Depression, large banks incurred huge losses, millions lost jobs, and global economies plunged into recession. The downturn caused the average VIX level to spike to 32.07, with levels reaching 80.8 at the end of 2008.

The Flash Crash on May 6, 2010 saw leading US stock indices, like the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite Index, plummet in just 36 minutes only to partially rebound within an hour. The VIX — which closed at 24.91 on May 5, 2010 — rose to a higher-than-average 40.95 by May 7, 2010.

The US Sovereign Downgrade in 2011, the first time the US federal government had ever been given a rating below AAA, saw the VIX rise to 38.34. Prompted by Standard & Poor’s (S&P) criticism of the US Congress’ vote to raise the debt ceiling, the downgrade was condemned by the US government.

China devalued CNY on August 11, 2015. Contending with an economic slowdown and stock market slump, authorities sharply devalued the country’s currency by nearly three percent against the US dollar over two days. Though the VIX started at a benign level of 12.90 when markets opened on August 11, it steadily rose — nearly reaching 30 in the following weeks.

Volmageddon, a mashup of volatility and Armageddon, refers to the extraordinary US stock market activity that took place on February 5, 2018. After almost a year of low stock market price volatility, the VIX increased from an opening value of 18.44 to closing value of 37.32.

The December 2018 drawdown brought a harsh conclusion to an already turbulent 2018 and was the worst December since 1931. The S&P 500 fell more than nine percent as investors feared a central bank ready to hike interest rates, a slowing economy, and ratcheting geopolitical pressure between the US and China. VIX levels averaged 27.71 by the end of December after starting the month near 20 — the long-term average.

In March 2020, in response to the COVID-19 pandemic, world governments began to implement lockdown measures. Over four days the Dow Jones Industrial Average sank 6,400 points, roughly 26 percent of its value, and the VIX spiked to an average of 64.99 during the second half of March. After US Senate Democrats and Republicans failed for the second time to pass an economic rescue package, the Federal Reserve announced its most dramatic intervention to date, a series of reforms designed to buoy markets.

Russia invaded Ukraine on February 24, 2022, a major escalation of a conflict that began in 2014. Largely condemned by other nations around the world, the start of the Russia-Ukraine War spurred the VIX to 30 for an entire month after sitting at a long-term average of 22.99.