The Cboe Volatility Index reached a closing high of 82.69 during the 2020 COVID-19 market crash.
The VIX, often called Wall Street’s “fear gauge,” measures expected volatility for the S&P 500 using prices of index options. It does not directly measure whether share prices will rise or fall. Instead, a high reading indicates that options traders expect unusually large movements over the coming month.
On March 16, 2020, the VIX closed at 82.69, surpassing its previous closing record from the 2008 global financial crisis. The reading reflected extreme uncertainty as the pandemic spread, businesses shut, travel restrictions expanded, and investors rapidly repriced economic and financial risks.
The VIX also traded above 80 on other days in March 2020, so its highest intraday level and highest closing level are different facts. The index later declined as extraordinary monetary and fiscal support, improving market liquidity, and changing expectations reduced immediate panic.