Market Metrics and Trends

A Look at Monthly Volatility and Equity and Options Volumes

Market Theme

• Gold and silver spot prices climbed throughout 2025, reaching record highs near year-end.
• Elevated spot prices supported strong equity performance, with the Dow Jones Precious Metals Index posting its best year on record, rising by 154% in 2025.

Market Metrics

• Volatility Index (VIX): Monthly average 15.55%; -4.4 pp M/M, -0.3 pp Y/Y
• S&P 500 (Index): Monthly average 6,853.03; +1.7% M/M, +14.0% Y/Y
• S&P 500 Sector Performance:
  • Best = Financials +2.9% M/M / Communication Services +32.4% Y/Y
  • Worst = Utilities -5.3% M/M / Real Estate -0.3% Y/Y
• Equity Average Daily Volume (ADV): Monthly average 15.9 billion shares; -15.5% M/M, +8.0% Y/Y
• Options ADV: Monthly average 57.0 million contracts; -13.5% M/M, +12.2% Y/Y

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