Shadow VIX Would Be Around 40 Under Normal Stock Correlation, Says Deluard
Vincent Deluard explains that the correlation matrix of U.S. stocks has dropped to near zero with a third of stocks trading at negative beta, keeping the VIX artificially suppressed. He calculates that if stocks had normal historical correlations, the VIX would be trading around 40.
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2 quotes
“We have about a third of U.S. stocks trading at negative beta.”
Vincent Deluard
“the VIX would be around 40, if that were the case.”
Vincent Deluard
Heard on The Meb Faber Show — “StoneX' Vincent Deluard: The S&P Is Hiding a Bear Market | #655”, published Friday, October 23, 2026. Heardvine summarizes and quotes with attribution and timestamps, and links to the original everywhere.