Commodity Vol Indexes: OVX, VXSLV & GVZ Fell by More Than 26% in 2012

In recent years many investors in securities markets have become more interested in investing in commodity-based products for potential for portfolio diversification, and because of demand by emerging markets such as China.

You can visit for list of some of the many options on commodity-based ETFs now offered on the SEC-regulated CBOE.

For investors who trade these options, there now are real-time indexes to help measure the expected volatility of the SLV (silver) ETF, the GLD (gold) ETF, and the USO (oil) ETF.

Here are the average daily closing values for four volatility indexes in 2012 —

33.56 VXSLV – CBOE Silver ETF Volatility Index

32.20 OVX – CBOE Crude Oil ETF Volatility Index

18.18 GVZ – CBOE Gold ETF Volatility Index

17.82 VIX – CBOE Volatility Index

As you can see in the chart below, the OVX Index was down 26.6% in 2012, and the VXSLV and GLD indexes declined by more than 37% in 2012. It may be less costly to purchase certain USO and SLV options compared to comparable options a year ago (although many factors can influence options prices).


The total volume for three contracts in the year 2012 was as follows–

  • 11,215 — Futures on the  CBOE Crude Oil ETF Volatility Index (OVX)
  • 6,378 — Futures on the CBOE Gold ETF Volatility Index (GVZ)
  • 1,123 – Options on the CBOE Gold ETF Volatility Index (GVZ)


The closing spot prices in 2012 were around $1675 for gold and $90.98 for crude oil.

Please visit and for information about managing volatility and commodity exposure.