VIX Settlement Batting 500

Last Wednesday moring was April VIX settlement. Although VIX options and futures stop trading on Tuesday afternoon, the final VIX settlement is calculated Wednesday morning using opening SPX option prices. Typically, the final VIX settlement on Wednesday morning is different than the VIX close the Tuesday afternoon before.

At The Options Institute we went back to January, 2007, and compared the relationship between the 64 Wednesday morning VIX settlements and the corresponding Tuesday VIX closing levels. The result of our study indicates market efficiency: 32 times the Wednesday moring final VIX settlment price (VRO) has been higher than the Tuesday VIX close and 32 times the final settlment has been lower than the Tuesday close. 

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