Woofun AI data shows that the Nasdaq 100 Volatility Index (VXN) to S&P 500 Volatility Index (VIX) ratio has climbed to 1.7, marking a 23-year high. This figure exceeds the 1.6 peak observed during the 2008 financial crisis and represents the first time since 2018 that the ratio has surpassed 1.5.

The VXN currently stands at 28 points, while the VIX is at 16 points, indicating the latter is 43% lower than the former. The VXN has remained above 20 points for five consecutive months, constituting the longest such streak since the 2022 bear market.