$ProShares Ultra VIX Short Term Futures(UVXY)$Wall Street is firing on all cylinders with the new bull market gains momentum. U.S. stock markets completed an impressive first-quarter 2021 after witnessing an astonishing rally in the pandemic-ridden 2020. The rally has gathered pace in April. Meanwhile, CBOE VIX — popularly known as the best fear-gauge of Wall Street — has plunged 25.9% year to date. In fact, the volatility index has dropped 12.8% so far in April.

On Apr 8, the CBOE VIX touched its 52-week low of 16.20. On Apr 12, the index closed at 16.91, its lowest level since Feb 20, 2020. Notably, the CBOE VIX is derived from the prices of S&P 500 options (both call and put) and represents the market’s expectations of volatility over the coming 30 days.