East Green PMS · Quant Research
Volatility is Not
Random Noise
Nifty 50 · India VIX · 2008 – 2026 · 4,458 Trading Days
Each cell =
one trading day
Colour =
India VIX
(fear gauge)
Red arrives in
waves
, not scatter
Colour by
India VIX
|Daily Return|
Peak India VIX
85.13
2008-11-17 · GFC bottom
Avg VIX on calm days
12.99
Days with VIX < 15
High Vol Days
469
VIX ≥ 30 · 10.5% of all days
Largest Single Day
+17.7%
2009-05-18 · Election rally
Calm
Turbulent