# VIX Rose 2.2 Points in Muted Response to S&P 500 Selloff

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/46789
Published: 2026-11-02T18:55:48.000Z
Updated: 2026-11-02T18:55:48.000Z
Section: Investing

> The index briefly reached its highest intraday level since April, while demand for out-of-the-money puts was selective. Managers may have cut stock exposure instead of buying options to hedge.

The Cboe Volatility Index (VIX) rose 2.2 points and closed at 19.4 on Oct. 30, even as the S&P 500 fell nearly 2% during a Friday selloff. The move was muted compared with historical selloffs of similar size.

It briefly reached its highest intraday level since April before retreating. U.S. stocks ended their worst week since June.

Brent Kochuba called the VIX move “relatively muted.” An analysis of 126 selloffs since 2018 indicated the index would have risen closer to 2.6 points during a decline of that size.

Demand for protection through S&P 500 options was selective. Out-of-the-money puts “just aren’t being chased-into at this moment,” Nomura managing director Charlie McElligott wrote Friday.

One possible explanation is that some managers cut stock holdings instead of buying options to guard against further declines. Global gross equity exposure among active long-short managers was 8% below its most recent peak, the largest drawdown in at least 10 years.

“Long/short has experienced a massive de-levering event,” said Zed Francis, chief investment officer of Chicago-based Convexitas. “If you were closer to cash than you were before, no need to hedge,” Francis said.