Name: 波動率交易。市場戰術推動股票大漲 WSJ (Volatility Trading: The Market Tactic Driving Stocks Haywire WSJ)
Uploaded: 2021-01-14T11:05:39.000Z
Duration: 4 min 39 s
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when the index fell 6% in a single day of trading.

This chart from the same day shows the price

of UVXY, a fund that's tied to market volatility.

You can see, as the S&P tumbled, UVXY gained.

that has lately attracted more investors and critics.

Analysts say volatility trading doesn't only benefit

which could make markers riskier for everyone.

a good place to start is the CBOE Volatility Index

The VIX is known as Wall Street's fear gauge

and it basically measures market volatility

and it's based on options prices tied to the S&P 500.

that allow investors to bet on whether stocks

When a lot of investors are expecting big swings,

For example, on March 16, the VIX rose by 43%,

a huge jump that led the index to a record close.

Stocks had one of the worst days in history.

Investors were reaching for options contracts

throughout the day, driving up the prices

because they expected more volatility in the future,

traders were not only betting which way stocks would go,

they were also betting on which way the VIX would go.

In fact, there's a whole ecosystem of trading products

could be affecting the market in really big ways.

that trade volatility and the whole host of derivatives

that they can actually influence the market

- [Liz] This current stretch of market swings comes

for exchange-traded products tied to the VIX,

You can see, the volatility business took off

as bankers devised new and risky ways to trade it.

and we've seen some of the biggest swings

and what that's done is actually that's drawn more interest

to these types of trades, the volatility trades.

- [Liz] For some investors and hedge-fund managers,

his strategy's up more than 200% through May

while the S&P 500 has fallen over that timeframe.

- We saw just this year professional investors

and professional hedge-funds that trade volatility,