SPX Spot-Vol Beta: -0.34

This gauge measures how implied volatility (via the VIX) is reacting relative to the S&P 500’s price move. A reading of -0.34 suggests volatility is under-reacting slightly, meaning options traders are not aggressively bidding up protection relative to the market move. The response in volatility appears somewhat muted compared to the underlying price action.

Spot-vol beta reflects how much volatility is over- or under-reacting to changes in the S&P 500’s spot price.

Source - vol.land