STORY: The VIX, or volatility index that tracks the S&P 500, “is around 17, so it’s lower after a few months past 15. That’s lower than the historical average of around 19. So from an index perspective, it feels like there’s a lot of calm,” said Conzo, who points to volatility in several areas, such as software stocks, that belie the sense of stability.That’s why it’s important to have a diversified portfolio in times like these, he says.