# S&P 500 Posted Gains After Most of 19 Similar VIX Spikes

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/51514
Published: 2026-11-08T09:53:13.000Z
Updated: 2026-11-08T09:53:13.000Z
Section: Investing

> The VIX climbed from 16.6 to 28.2, its biggest one-day move since April 2025. The S&P 500 was positive three and six months after 68% and 79% of comparable spikes, respectively.

Thursday’s volatility surge coincided with the Nasdaq 100 Index’s steepest daily loss since March 2020, while historical S&P 500 results after similar VIX jumps varied by time horizon.

The Cboe Volatility Index (VIX) rose more than 11 points, from 16.6 to 28.2. It was the index’s largest one-day increase since April 2025. The Cboe Nasdaq Volatility Index (VXN) climbed more than 13 points to 38.3, its highest level since April 11, 2025.

Paul Hickey, co-founder of Bespoke Investment Group, likened sharp jumps from calm conditions to summer thunderstorms. “The sky quickly darkens and wind gusts, but the loudest thunder and brightest lightning doesn’t last long,” he said.

A historical sample covered 19 instances since 1990 when the VIX rose at least five points from below 20. The S&P 500’s median return was 4.2% three months later and 4.8% after six months. Returns were positive in 68% of the cases at three months and 79% at six months.

The one-month results were less uniform. The median return was 2.1%, but the average was negative 0.4%. The median is the middle result in a sample, while the average is more affected by unusually large moves. Several steep drops following volatility spikes, including in 1990 and on Feb. 24, 2020, pulled down the average.