Correlations closed the week at .77, near the lows of the past month.

Most metrics have now normalized (back under 95th/over 5th percentile), except again for the VIX-HRV metric which is still 5th percentile.

VIX-VXV is no longer backwardated, the first time since the start of the selloff.

Apart from VIX-HRV, nothing we track suggests immediate risk ahead – and as risk has not meaningfully materialized, we have much less confidence in it at the moment.

Again, we think we are mostly in flux as the market figures out what forward earnings should/will be, ironically that uncertainty seems to mean lower volatility as people wait it out.

Thanks and have a great week, if anything changes, we will update.

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