A key measure of market anxiety shows technology stocks are in a league of their own. The Cboe NASDAQ-100 Volatility Index, or VXN, climbed to a ratio of 1.64 against the VIX on June 16, 2026. That is the widest spread between tech-specific and broad-market implied volatility in years.
The VXN closed near 30.91, while the VIX hovered around 18.41. This means options traders are pricing in roughly 68% more expected turbulence in Nasdaq-100 stocks than in the S&P 500 over the next 30 days.
The VIX measures implied volatility for the broad S&P 500. The VXN does the same for the Nasdaq-100, which is dominated by large technology and growth companies. A high ratio signals concentrated investor anxiety about tech valuations.
The broad market VIX at 18.41 suggests no widespread panic. However, the elevated VXN near 31 implies options markets are pricing in the possibility of large moves for tech names, potentially swinging 2% per day.
This heightened volatility is increasing the cost of hedging against tech losses, which can create a feedback loop of reduced exposure and added selling pressure.