CME_MINI:ES1! S&P 500 E-MINI FUTURES
The negative correlation between the S&P 500 and VIX is -0.82 (20-day rolling, valued based) - both the weakest in six months and still extreme. Buying dips and selling pops in volatility has proven a favorite from short-horizon traders. Yet, the potential in that approach has dried up. Only a matter of time.