CBOE Volatility Index (^VIX) seasonality heatmap
Returns across monthly, quarterly, and yearly periods. Cell color encodes signed magnitude; the scale auto-fits each table.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +16.7% | +13.9% | +27.1% | -33.1% | -9.3% | +7.4% | -2.8% | -0.8% | — | — | — | — |
| 2025 | -5.3% | +19.5% | +13.5% | +10.9% | -24.8% | -9.9% | -0.1% | -8.1% | +6.0% | +7.1% | -6.3% | -8.6% |
| 2024 | +15.3% | -6.6% | -2.9% | +20.3% | -17.4% | -3.7% | +31.5% | -8.3% | +11.5% | +38.4% | -41.7% | +28.4% |
| 2023 | -10.5% | +6.7% | -9.7% | -15.6% | +13.7% | -24.2% | +0.3% | -0.4% | +29.1% | +3.5% | -28.8% | -3.6% |
| 2022 | +44.2% | +21.4% | -31.8% | +62.5% | -21.6% | +9.6% | -25.7% | +21.3% | +22.2% | -18.2% | -20.5% | +5.3% |
| 2021 | +45.5% | -15.5% | -30.6% | -4.1% | -9.9% | -5.5% | +15.2% | -9.6% | +40.4% | -29.7% | +67.2% | -36.7% |
| 2020 | +36.7% | +112.9% | +33.5% | -36.2% | -19.4% | +10.6% | -19.6% | +8.0% | -0.2% | +44.2% | -45.9% | +10.6% |
| 2019 | -34.8% | -10.8% | -7.2% | -4.3% | +42.6% | -19.4% | +6.9% | +17.7% | -14.4% | -18.6% | -4.5% | +9.2% |
| 2018 | +23.0% | +46.2% | +0.6% | -20.2% | -3.1% | +4.3% | -20.3% | +0.2% | -5.8% | +75.2% | -14.9% | +40.7% |
| 2017 | -14.6% | +7.8% | -4.3% | -12.5% | -3.8% | +7.4% | -8.2% | +3.2% | -10.2% | +7.0% | +10.8% | -2.1% |
| 2016 | +10.9% | +1.7% | -32.1% | +12.5% | -9.6% | +10.1% | -24.1% | +13.1% | -1.0% | +28.4% | -21.9% | +5.3% |
| 2015 | +9.2% | -36.4% | +14.6% | -4.8% | -4.9% | +31.7% | -33.5% | +134.6% | -13.8% | -38.5% | +7.0% | +12.9% |
| 2014 | +34.2% | -24.0% | -0.9% | -3.4% | -15.0% | +1.5% | +46.5% | -29.3% | +36.1% | -14.0% | -5.0% | +44.0% |
| 2013 | -20.8% | +8.6% | -18.1% | +6.5% | +20.6% | +3.4% | -20.2% | +26.5% | -2.4% | -17.2% | -0.4% | +0.1% |
| 2012 | -16.9% | -5.2% | -15.9% | +10.6% | +40.3% | -29.0% | +10.8% | -7.7% | -10.0% | +18.2% | -14.7% | +13.5% |
| 2011 | +10.0% | -6.0% | -3.3% | -16.9% | +4.7% | +6.9% | +52.8% | +25.2% | +35.9% | -30.3% | -7.2% | -15.8% |
| 2010 | +13.6% | -20.8% | -9.8% | +25.4% | +45.4% | +7.7% | -32.0% | +10.9% | -9.0% | -10.5% | +11.0% | -24.6% |
| 2009 | +12.1% | +3.4% | -4.8% | -17.3% | -20.8% | -8.9% | -1.6% | +0.3% | -1.5% | +19.8% | -20.1% | -11.5% |
| 2008 | +16.4% | +1.3% | -3.5% | -18.8% | -14.2% | +34.3% | -4.2% | -10.0% | +90.8% | +52.0% | -7.7% | -27.6% |
| 2007 | -9.9% | +48.0% | -5.1% | -2.9% | -8.2% | +24.4% | +44.9% | -0.6% | -23.0% | +2.9% | +23.4% | -1.6% |
| 2006 | +7.3% | -4.7% | -7.7% | +1.8% | +41.8% | -20.4% | +14.3% | -17.7% | -2.7% | -7.3% | -1.7% | +6.0% |
| 2005 | -3.5% | -5.8% | +16.1% | +9.2% | -13.2% | -9.4% | -3.9% | +8.9% | -5.4% | +28.5% | -21.3% | +0.1% |
| 2004 | -9.2% | -12.5% | +15.1% | +2.7% | -9.8% | -7.5% | +6.8% | -0.2% | -12.8% | +22.0% | -18.6% | +0.4% |
| 2003 | +8.9% | -4.9% | -1.6% | -27.2% | -8.2% | +0.3% | -0.2% | -4.4% | +22.0% | -29.1% | +1.4% | +12.2% |
| 2002 | -11.4% | +2.4% | -19.4% | +25.9% | -8.8% | +27.1% | +26.1% | +1.9% | +21.6% | -21.5% | -11.7% | +4.1% |
| 2001 | -18.0% | +28.7% | +1.0% | -11.0% | -11.1% | -15.8% | +13.4% | +15.3% | +28.1% | +5.1% | -25.7% | -4.5% |
| 2000 | +6.6% | -6.3% | +1.3% | +10.7% | -9.7% | -17.4% | +6.1% | -18.8% | +22.1% | +14.9% | +25.5% | -9.4% |
| 1999 | +7.5% | +6.2% | -16.6% | +7.8% | +1.3% | -16.9% | +16.8% | -0.8% | +3.9% | -12.6% | +8.9% | -3.2% |
| 1998 | -10.6% | -13.6% | +30.6% | -12.6% | +0.7% | -7.6% | +25.8% | +78.5% | -7.5% | -31.5% | -7.3% | -6.1% |
| 1997 | -6.9% | +8.4% | +4.9% | -9.4% | -4.3% | +12.2% | -0.2% | +15.3% | -7.5% | +53.2% | -21.8% | -12.5% |
| 1996 | +0.1% | +36.0% | +10.8% | -16.2% | +1.5% | -14.9% | +42.3% | -12.6% | -0.4% | +6.8% | -5.4% | +22.1% |
| 1995 | -9.4% | -1.8% | +13.8% | -12.1% | +17.2% | -17.4% | +18.5% | -14.6% | +10.6% | +8.6% | -16.3% | +8.1% |
| 1994 | -8.8% | +39.9% | +37.5% | -32.7% | -5.4% | +14.9% | -25.7% | +7.5% | +19.3% | +2.0% | +9.5% | -17.2% |
| 1993 | -1.2% | +6.0% | -4.8% | -0.9% | +8.5% | -16.4% | +4.2% | +1.0% | +9.6% | -11.8% | +20.1% | -15.3% |
| 1992 | -9.9% | -4.1% | -3.0% | -4.0% | -10.8% | -3.7% | -1.3% | +3.1% | +5.2% | +13.1% | -19.4% | -3.4% |
| 1991 | -20.7% | +1.5% | -20.5% | +8.1% | -12.7% | +22.7% | -22.4% | -4.7% | +9.6% | -2.3% | +30.9% | -4.7% |
| 1990 | — | -13.3% | -10.3% | -1.1% | -11.0% | -10.8% | +36.2% | +41.6% | -2.6% | +3.2% | -26.2% | +19.0% |
| Avg | +2.7% | +6.2% | -1.2% | -2.8% | -1.3% | -0.6% | +4.7% | +8.0% | +8.2% | +4.5% | -5.5% | +0.9% |
| Median | -0.6% | +1.5% | -3.3% | -4.0% | -8.2% | -3.7% | +0.3% | +0.7% | +1.9% | +3.4% | -7.2% | -0.8% |
| Last 5Y Avg | +12.1% | +11.0% | -0.7% | +9.0% | -11.9% | -4.2% | +0.6% | -1.1% | +21.9% | +0.2% | -6.0% | -3.0% |
| Std Dev (σ) | 18.7% | 26.0% | 17.1% | 19.0% | 18.5% | 16.1% | 23.0% | 28.9% | 21.4% | 26.5% | 21.7% | 17.0% |
| Consistency (μ/σ) | 0.14 | 0.24 | -0.07 | -0.15 | -0.07 | -0.04 | 0.20 | 0.28 | 0.38 | 0.17 | -0.25 | 0.05 |
| Win Rate (%) | 50% | 54% | 38% | 38% | 32% | 49% | 51% | 56% | 50% | 58% | 31% | 50% |
| Winning / Losing Months | ▲18▼18 | ▲20▼17 | ▲14▼23 | ▲14▼23 | ▲12▼25 | ▲18▼19 | ▲19▼18 | ▲20▼16 | ▲18▼18 | ▲21▼15 | ▲11▼25 | ▲18▼18 |
| Longest Win / Loss Streak | ▲4▼5 | ▲3▼4 | ▲5▼9 | ▲3▼7 | ▲4▼6 | ▲6▼4 | ▲5▼4 | ▲6▼3 | ▲5▼6 | ▲4▼3 | ▲2▼4 | ▲5▼5 |
| Best | +45.5%in January 2021 | +112.9%in February 2020 | +37.5%in March 1994 | +62.5%in April 2022 | +45.4%in May 2010 | +34.3%in June 2008 | +52.8%in July 2011 | +134.6%in August 2015 | +90.8%in September 2008 | +75.2%in October 2018 | +67.2%in November 2021 | +44.0%in December 2014 |
| Worst | -34.8%in January 2019 | -36.4%in February 2015 | -32.1%in March 2016 | -36.2%in April 2020 | -24.8%in May 2025 | -29.0%in June 2012 | -33.5%in July 2015 | -29.3%in August 2014 | -23.0%in September 2007 | -38.5%in October 2015 | -45.9%in November 2020 | -36.7%in December 2021 |
-45.9%+134.6%
2026
Jan+16.7%
Feb+13.9%
Mar+27.1%
Apr-33.1%
May-9.3%
Jun+7.4%
Jul-2.8%
Aug-0.8%
Sep—
Oct—
Nov—
Dec—
2025
Jan-5.3%
Feb+19.5%
Mar+13.5%
Apr+10.9%
May-24.8%
Jun-9.9%
Jul-0.1%
Aug-8.1%
Sep+6.0%
Oct+7.1%
Nov-6.3%
Dec-8.6%
2024
Jan+15.3%
Feb-6.6%
Mar-2.9%
Apr+20.3%
May-17.4%
Jun-3.7%
Jul+31.5%
Aug-8.3%
Sep+11.5%
Oct+38.4%
Nov-41.7%
Dec+28.4%
2023
Jan-10.5%
Feb+6.7%
Mar-9.7%
Apr-15.6%
May+13.7%
Jun-24.2%
Jul+0.3%
Aug-0.4%
Sep+29.1%
Oct+3.5%
Nov-28.8%
Dec-3.6%
2022
Jan+44.2%
Feb+21.4%
Mar-31.8%
Apr+62.5%
May-21.6%
Jun+9.6%
Jul-25.7%
Aug+21.3%
Sep+22.2%
Oct-18.2%
Nov-20.5%
Dec+5.3%
2021
Jan+45.5%
Feb-15.5%
Mar-30.6%
Apr-4.1%
May-9.9%
Jun-5.5%
Jul+15.2%
Aug-9.6%
Sep+40.4%
Oct-29.7%
Nov+67.2%
Dec-36.7%
2020
Jan+36.7%
Feb+112.9%
Mar+33.5%
Apr-36.2%
May-19.4%
Jun+10.6%
Jul-19.6%
Aug+8.0%
Sep-0.2%
Oct+44.2%
Nov-45.9%
Dec+10.6%
2019
Jan-34.8%
Feb-10.8%
Mar-7.2%
Apr-4.3%
May+42.6%
Jun-19.4%
Jul+6.9%
Aug+17.7%
Sep-14.4%
Oct-18.6%
Nov-4.5%
Dec+9.2%
2018
Jan+23.0%
Feb+46.2%
Mar+0.6%
Apr-20.2%
May-3.1%
Jun+4.3%
Jul-20.3%
Aug+0.2%
Sep-5.8%
Oct+75.2%
Nov-14.9%
Dec+40.7%
2017
Jan-14.6%
Feb+7.8%
Mar-4.3%
Apr-12.5%
May-3.8%
Jun+7.4%
Jul-8.2%
Aug+3.2%
Sep-10.2%
Oct+7.0%
Nov+10.8%
Dec-2.1%
2016
Jan+10.9%
Feb+1.7%
Mar-32.1%
Apr+12.5%
May-9.6%
Jun+10.1%
Jul-24.1%
Aug+13.1%
Sep-1.0%
Oct+28.4%
Nov-21.9%
Dec+5.3%
2015
Jan+9.2%
Feb-36.4%
Mar+14.6%
Apr-4.8%
May-4.9%
Jun+31.7%
Jul-33.5%
Aug+134.6%
Sep-13.8%
Oct-38.5%
Nov+7.0%
Dec+12.9%
2014
Jan+34.2%
Feb-24.0%
Mar-0.9%
Apr-3.4%
May-15.0%
Jun+1.5%
Jul+46.5%
Aug-29.3%
Sep+36.1%
Oct-14.0%
Nov-5.0%
Dec+44.0%
2013
Jan-20.8%
Feb+8.6%
Mar-18.1%
Apr+6.5%
May+20.6%
Jun+3.4%
Jul-20.2%
Aug+26.5%
Sep-2.4%
Oct-17.2%
Nov-0.4%
Dec+0.1%
2012
Jan-16.9%
Feb-5.2%
Mar-15.9%
Apr+10.6%
May+40.3%
Jun-29.0%
Jul+10.8%
Aug-7.7%
Sep-10.0%
Oct+18.2%
Nov-14.7%
Dec+13.5%
2011
Jan+10.0%
Feb-6.0%
Mar-3.3%
Apr-16.9%
May+4.7%
Jun+6.9%
Jul+52.8%
Aug+25.2%
Sep+35.9%
Oct-30.3%
Nov-7.2%
Dec-15.8%
2010
Jan+13.6%
Feb-20.8%
Mar-9.8%
Apr+25.4%
May+45.4%
Jun+7.7%
Jul-32.0%
Aug+10.9%
Sep-9.0%
Oct-10.5%
Nov+11.0%
Dec-24.6%
2009
Jan+12.1%
Feb+3.4%
Mar-4.8%
Apr-17.3%
May-20.8%
Jun-8.9%
Jul-1.6%
Aug+0.3%
Sep-1.5%
Oct+19.8%
Nov-20.1%
Dec-11.5%
2008
Jan+16.4%
Feb+1.3%
Mar-3.5%
Apr-18.8%
May-14.2%
Jun+34.3%
Jul-4.2%
Aug-10.0%
Sep+90.8%
Oct+52.0%
Nov-7.7%
Dec-27.6%
2007
Jan-9.9%
Feb+48.0%
Mar-5.1%
Apr-2.9%
May-8.2%
Jun+24.4%
Jul+44.9%
Aug-0.6%
Sep-23.0%
Oct+2.9%
Nov+23.4%
Dec-1.6%
2006
Jan+7.3%
Feb-4.7%
Mar-7.7%
Apr+1.8%
May+41.8%
Jun-20.4%
Jul+14.3%
Aug-17.7%
Sep-2.7%
Oct-7.3%
Nov-1.7%
Dec+6.0%
2005
Jan-3.5%
Feb-5.8%
Mar+16.1%
Apr+9.2%
May-13.2%
Jun-9.4%
Jul-3.9%
Aug+8.9%
Sep-5.4%
Oct+28.5%
Nov-21.3%
Dec+0.1%
2004
Jan-9.2%
Feb-12.5%
Mar+15.1%
Apr+2.7%
May-9.8%
Jun-7.5%
Jul+6.8%
Aug-0.2%
Sep-12.8%
Oct+22.0%
Nov-18.6%
Dec+0.4%
2003
Jan+8.9%
Feb-4.9%
Mar-1.6%
Apr-27.2%
May-8.2%
Jun+0.3%
Jul-0.2%
Aug-4.4%
Sep+22.0%
Oct-29.1%
Nov+1.4%
Dec+12.2%
2002
Jan-11.4%
Feb+2.4%
Mar-19.4%
Apr+25.9%
May-8.8%
Jun+27.1%
Jul+26.1%
Aug+1.9%
Sep+21.6%
Oct-21.5%
Nov-11.7%
Dec+4.1%
2001
Jan-18.0%
Feb+28.7%
Mar+1.0%
Apr-11.0%
May-11.1%
Jun-15.8%
Jul+13.4%
Aug+15.3%
Sep+28.1%
Oct+5.1%
Nov-25.7%
Dec-4.5%
2000
Jan+6.6%
Feb-6.3%
Mar+1.3%
Apr+10.7%
May-9.7%
Jun-17.4%
Jul+6.1%
Aug-18.8%
Sep+22.1%
Oct+14.9%
Nov+25.5%
Dec-9.4%
1999
Jan+7.5%
Feb+6.2%
Mar-16.6%
Apr+7.8%
May+1.3%
Jun-16.9%
Jul+16.8%
Aug-0.8%
Sep+3.9%
Oct-12.6%
Nov+8.9%
Dec-3.2%
1998
Jan-10.6%
Feb-13.6%
Mar+30.6%
Apr-12.6%
May+0.7%
Jun-7.6%
Jul+25.8%
Aug+78.5%
Sep-7.5%
Oct-31.5%
Nov-7.3%
Dec-6.1%
1997
Jan-6.9%
Feb+8.4%
Mar+4.9%
Apr-9.4%
May-4.3%
Jun+12.2%
Jul-0.2%
Aug+15.3%
Sep-7.5%
Oct+53.2%
Nov-21.8%
Dec-12.5%
1996
Jan+0.1%
Feb+36.0%
Mar+10.8%
Apr-16.2%
May+1.5%
Jun-14.9%
Jul+42.3%
Aug-12.6%
Sep-0.4%
Oct+6.8%
Nov-5.4%
Dec+22.1%
1995
Jan-9.4%
Feb-1.8%
Mar+13.8%
Apr-12.1%
May+17.2%
Jun-17.4%
Jul+18.5%
Aug-14.6%
Sep+10.6%
Oct+8.6%
Nov-16.3%
Dec+8.1%
1994
Jan-8.8%
Feb+39.9%
Mar+37.5%
Apr-32.7%
May-5.4%
Jun+14.9%
Jul-25.7%
Aug+7.5%
Sep+19.3%
Oct+2.0%
Nov+9.5%
Dec-17.2%
1993
Jan-1.2%
Feb+6.0%
Mar-4.8%
Apr-0.9%
May+8.5%
Jun-16.4%
Jul+4.2%
Aug+1.0%
Sep+9.6%
Oct-11.8%
Nov+20.1%
Dec-15.3%
1992
Jan-9.9%
Feb-4.1%
Mar-3.0%
Apr-4.0%
May-10.8%
Jun-3.7%
Jul-1.3%
Aug+3.1%
Sep+5.2%
Oct+13.1%
Nov-19.4%
Dec-3.4%
1991
Jan-20.7%
Feb+1.5%
Mar-20.5%
Apr+8.1%
May-12.7%
Jun+22.7%
Jul-22.4%
Aug-4.7%
Sep+9.6%
Oct-2.3%
Nov+30.9%
Dec-4.7%
1990
Jan—
Feb-13.3%
Mar-10.3%
Apr-1.1%
May-11.0%
Jun-10.8%
Jul+36.2%
Aug+41.6%
Sep-2.6%
Oct+3.2%
Nov-26.2%
Dec+19.0%
Avg
Jan+2.7%
Feb+6.2%
Mar-1.2%
Apr-2.8%
May-1.3%
Jun-0.6%
Jul+4.7%
Aug+8.0%
Sep+8.2%
Oct+4.5%
Nov-5.5%
Dec+0.9%
Median
Jan-0.6%
Feb+1.5%
Mar-3.3%
Apr-4.0%
May-8.2%
Jun-3.7%
Jul+0.3%
Aug+0.7%
Sep+1.9%
Oct+3.4%
Nov-7.2%
Dec-0.8%
Last 5Y Avg
Jan+12.1%
Feb+11.0%
Mar-0.7%
Apr+9.0%
May-11.9%
Jun-4.2%
Jul+0.6%
Aug-1.1%
Sep+21.9%
Oct+0.2%
Nov-6.0%
Dec-3.0%
Std Dev (σ)
Jan18.7%
Feb26.0%
Mar17.1%
Apr19.0%
May18.5%
Jun16.1%
Jul23.0%
Aug28.9%
Sep21.4%
Oct26.5%
Nov21.7%
Dec17.0%
Consistency (μ/σ)
Jan0.14
Feb0.24
Mar-0.07
Apr-0.15
May-0.07
Jun-0.04
Jul0.20
Aug0.28
Sep0.38
Oct0.17
Nov-0.25
Dec0.05
Win Rate (%)
Jan50%
Feb54%
Mar38%
Apr38%
May32%
Jun49%
Jul51%
Aug56%
Sep50%
Oct58%
Nov31%
Dec50%
Winning / Losing Months
Jan▲18▼18
Feb▲20▼17
Mar▲14▼23
Apr▲14▼23
May▲12▼25
Jun▲18▼19
Jul▲19▼18
Aug▲20▼16
Sep▲18▼18
Oct▲21▼15
Nov▲11▼25
Dec▲18▼18
Longest Win / Loss Streak
Jan▲4▼5
Feb▲3▼4
Mar▲5▼9
Apr▲3▼7
May▲4▼6
Jun▲6▼4
Jul▲5▼4
Aug▲6▼3
Sep▲5▼6
Oct▲4▼3
Nov▲2▼4
Dec▲5▼5
Best
Jan+45.5%2021
Feb+112.9%2020
Mar+37.5%1994
Apr+62.5%2022
May+45.4%2010
Jun+34.3%2008
Jul+52.8%2011
Aug+134.6%2015
Sep+90.8%2008
Oct+75.2%2018
Nov+67.2%2021
Dec+44.0%2014
Worst
Jan-34.8%2019
Feb-36.4%2015
Mar-32.1%2016
Apr-36.2%2020
May-24.8%2025
Jun-29.0%2012
Jul-33.5%2015
Aug-29.3%2014
Sep-23.0%2007
Oct-38.5%2015
Nov-45.9%2020
Dec-36.7%2021
-45.9%+134.6%