Risk

As of 2026-04-30

VIX term structure · today vs history

Front contango = pro-risk · backwardation = stress

VIX term structure · today

VIX9D

13.4

VIX

14.2

contango

VIX3M

16.8

contango

VIX6M

18.1

contango

Front contango, long-dated risk premium intact — consistent with low spot vol regime.

VVIX / VIX

last 5.39

60-session band; ratio mean-reverts around 5.5×. Above 7 implies tail-hedging demand.

Breadth

% above 50d (SPX)

67%

% above 200d (SPX)

74%

Advance / Decline

1.60

New highs − lows

142

Credit spreads

HY OAS

286 bps

-7 bps WoW

IG OAS

94 bps

0 bps WoW

HY tightening 7 bps WoW; IG flat. Credit confirming risk-on posture in the regime call.