How the VVIX Spike Reveals Tail Risk Hiding in a Calm Market

The Bear Market Podcast with Fexingo: Surviving Downturns, Buying the Dip, and Long-Term Resilience · Jun 23, 2026 · 7m · transcript

The VIX is sitting at 18.93, barely up on the week. But the VVIX — the volatility of the VIX — has jumped 13 percent to 99.28. Lucas and Luna unpack what this divergence means for portfolio protection in a market where the S&P 500 is down 1.5% in five days while small caps are rallying 1.9%. They walk through the history of the VVIX as a tail-risk gauge, why it matters more when the VIX itself is low, and how investors can hedge without overpaying for insurance they don't need. Specific strategies include put spreads, VIX call calendar spreads, and the case for allocating to…