Volatility indices are some of the best indicators as far as market fear is concerned and some of the most efficient market to use to hedge unwanted volatility exposure. The present research will go through data for the VIX index (which tracks the implied volatility in the S&P500 options market), the VXN index (which tracks the implied volatility in the Nasdaq 100 options market), the VXD index (which tracks the implied volatility in the Dow Jones options market) and the RVX (which tracks the implied volatility in the Russel options market). This research explores how these volatility indicators move from a statistical point of view and ranks these based on their idiosyncratic risk. This research was published on the Medium platform a few years ago but it is still valid today. Please click here to read the rest of the research.