Market Metrics and Trends

A Look at Monthly Volatility and Equity and Options Volumes

Market Theme

• March saw the second-largest single-month increase in oil prices in the history of WTI crude oil futures.
• We evaluate the current oil price increase alongside the 1990 Persian Gulf Crisis, which serves as the most relevant historical precedent for the geopolitically-driven supply shock.

Market Metrics

• S&P 500 (Price Index): March close 6,528.52, -5.1% M/M, -4.6% YTD, +16.3% Y/Y
• S&P 500 Sector Total Return Performance:
  • Best = Energy +10.4% M/M / Energy +38.2% YTD / Energy +36.3% Y/Y
  • Worst = Industrials -8.4% M/M / Financials -9.5% YTD / Financials +0.6% Y/Y
• Volatility Index (VIX): Monthly average 25.6%; +6.5 pp M/M, +3.8 pp Y/Y
• Equity Average Daily Volume (ADV): Monthly average 20.5 billion shares; +2.4% M/M, +27.9% Y/Y
• Options ADV: Monthly average 66.3 million contracts; -1.3% M/M, +16.4% Y/Y

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