VVIX = CBOE VIX of VIX Index

VVIX is a volatility index that measures the expected volatility of the VIX itself, which is often referred to as the "fear gauge" for the broader market. The VIX tracks the implied volatility of options on the S&P 500 Index, while the VVIX represents the volatility of the VIX. Essentially, VVIX provides insights into how volatile the market's expectations of volatility are.