As Bloomberg notes, the VIX fell through a key level and is now at a price point not seen since the height of the housing bubble:
The CBOE Volatility Index dropped below 10 on Monday following the French election, marking its lowest level on an intraday basis since February 2007. At this level, the so-called fear gauge is flirting with the lowest close since Jan. 24 of the same year, when it finished the day at 9.89.
On the the ETF side of things, volatility-linked ETPs are naturally feeling the heat as well. The ProShares Trust Ultra VIX Short Term Futures ETF (NYSE:UVXY) was trading at $12.38 per share on Monday afternoon, down $0.77 (-5.86%) and hitting new all-time lows. UVXY is a double leveraged bull fund that seeks daily returns of twice the amount of the S&P 500 VIX Short-Term Futures Index. Note that UVXY doesn’t actually track the VIX itself, and thus can have quite different returns as a result.
Year-to-date, UVXY has now declined -71.70%, versus a 7.17% rise in the benchmark S&P 500 index during the same period.