Summary

• The S&P 500 Index has reached record highs, while the VIX Index has also risen - a pattern known as "Spot Up, 'VIX' Up".
• Geopolitical uncertainty and record stock dispersion driven by AI-related enthusiasm are both contributing to the current market environment.
• A rising VIX Index alongside rising equities is a prompt to consider your own exposure and understand the current volatility environment - not a signal with a predetermined correct response.
• Cboe's VIX options and Mini VIX futures offer structured ways to access volatility exposure directly, subject to individual risk assessments.

Originally published on May 18, 2026

Markets have reached record highs. The S&P 500 Index (SP500) has returned 4.7% year-to-date (as of April 27, 2026), supported by strong first-quarter earnings and significant investor interest in artificial intelligence. On the

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