Volatility term structure today: VIX3M/VIX ratio 1.18 (Inactive)
As of 12 October 2026, the VIX3M/VIX ratio reads 1.18. One year earlier, on 10 October 2025, it was 1.05. The Zensei Index rates the volatility term structure indicator Inactive on 12 October 2026: no signal. The condition this indicator checks for is absent.
VIX term structure chart: 3-month vs 30-day volatility
A lower ratio means near-term volatility is high against 3-month volatility.
VIX3M/VIX ratio, Dec 2020 to Oct 2026. Values updated daily. Data as of .
VIX3M/VIX ratio: last value of each month
| Month | Date | VIX3M/VIX ratio | VIX (30-day) | VIX3M (3-month) |
|---|---|---|---|---|
| October 2026 | 1.18 | 15.21 | 17.93 | |
| September 2026 | 1.12 | 16.34 | 18.37 | |
| August 2026 | 1.17 | 14.92 | 17.53 | |
| July 2026 | 1.19 | 15.99 | 19.02 | |
| June 2026 | 1.16 | 16.45 | 19.00 | |
| May 2026 | 1.22 | 15.32 | 18.66 | |
| April 2026 | 1.19 | 16.89 | 20.08 | |
| March 2026 | 1.01 | 25.25 | 25.55 | |
| February 2026 | 1.09 | 19.86 | 21.56 | |
| January 2026 | 1.15 | 17.44 | 20.07 | |
| December 2025 | 1.22 | 14.95 | 18.18 | |
| November 2025 | 1.20 | 16.35 | 19.64 |
What it measures
Detects sudden volatility stress in the market.
This filter compares short-term implied volatility to medium-term volatility expectations. When short-term volatility exceeds medium-term volatility, markets are pricing immediate, unexpected risk.
Why it matters
Such inversions often occur during sharp sell-offs or news-driven shocks.
This indicator belongs to the tactical filters group: short-term dislocations, separating real volatility from noise. It carries 60% of that group's weight.
How to read the status
The Index dashboard gives this indicator one of 2 statuses, from calm to stressed. A more stressed status adds more of the indicator's weight to its group score. A lower ratio means near-term volatility is high against 3-month volatility.
- InactiveToday
No signal. The condition this indicator checks for is absent.
- Activated
Full signal. The condition this indicator checks for is present.
Volatility term structure: common questions
What is the VIX3M/VIX ratio today?
As of 12 October 2026, the VIX3M/VIX ratio reads 1.18. The Zensei Index rates the volatility term structure indicator Inactive: no signal. The condition this indicator checks for is absent.
Is the VIX term structure the same as the VIX futures curve?
No. Zensei uses two Cboe indexes, VIX (30 days) and VIX3M (3 months), not futures prices. Both describe how expected volatility changes with the time horizon. As of 12 October 2026, VIX is 15.21 and VIX3M is 17.93.
What does a rising VIX3M/VIX ratio mean?
A rising ratio means the market prices less risk for the next 30 days than for the next 3 months, the usual calm shape. When near-term volatility rises above 3-month volatility, the curve inverts and the filter can activate.
Where does the volatility term structure data come from?
Daily closes of the Cboe VIX index (30-day) and the Cboe VIX3M index (3-month). Zensei computes the indicator from these series.
How often does the volatility term structure indicator update?
The source data updates once per US trading day. Zensei recomputes the indicator after each new value. This page shows the newest value and its date.
Analytics, not investment advice. The status describes current conditions; it does not predict prices.
More market risk indicators
See all ten indicators in one score
The Zensei Index combines this reading with nine others into one risk score from 0 (calm) to 100 (maximum risk), with a written summary when conditions change.