
Compared to month-ago levels, both the VStoxx (a measure of expected volatility in European shares; dark blue line) and the VDAX (the implied volatility of the German DAX; red line) have had double-digit increases:

Taking a look at the spread between the VStoxx and the VIX , we can see that, while the overall trend is slightly down over the last five years, the recent widening is approaching levels not seen since the crisis in 2011/2012.
