It is possible to trade derivative instruments like Options on a Volatility index itself to potentially profit from an opinion about Volatility. As with other Index Options, these are usually cash-settled contracts.
The VIX is the most commonly discussed Volatility index, but there are a number of others that track Volatility in other markets such as the Russell 2000 (RVX), UK FTSE 100 (VFTSE) or German DAX (VDAX) and a variety of other regional markets. Further there are more specialised Volatility indices that use commodities like Oil or larger individual stocks.
Related Directory Entries
External LinksCBOE Volatility Index (VIX)
CBOE introduction to the VIX.VDAX
Deutsche Börse glossary entry describing the VDAX.FTSE 100 VIX (VFTSE)
Investing.com quote for the VFTSECBOE Russell 2000 Volatility Index (RVX)
CBOE page describing the RVX (Russell 2000 volatility index).