The CBOE Volatility Index (VIX) has reached historically low levels relative to realized volatility (RV) and cross-asset volatility, indicating potential market complacency and overconfidence among investors. Analysts suggest that the rapid decline of the VIX could set the stage for increased market turbulence in the near future. The current low levels of implied volatility for the S&P 500 ($SPX) may be underpriced, raising concerns about the stability of the equity markets as investors appear to be overly confident.