VIX Term Structure
Track the VIX/VIX3M ratio (IVTS) to identify volatility regime shifts. When VIX exceeds VIX3M (ratio > 1.0), the term structure is in backwardation — signaling short-term stress and elevated risk.
Current IVTS
1.0522
Regime
Backwardation
2 days in regime
Distance from 1.0
+0.0522
VIX / VIX3M
30.46 / 28.95
Backwardation Rate
9.0%
45 / 500 days (2Y)
Total Episodes
54
avg 3.4 days
IVTS Signal (VIX / VIX3M)
IVTS Ratio
SPY Price
Backwardation (1.0)
Stress Threshold (1.01)
Last updated: Mar 30, 2026, 09:20 PM UTC