Cross-asset positions reveal modest risk reduction by global funds ahead of U.S. payrolls data. Furthermore, the S&P 500 didn't just eke out gains on a total return basis in the wake of a historic drop in volatility -- it crushed its average annual return. Whereas the S&P 500 has historically delivered a return of around 10% annually, the five previous instances where the VIX fell by more than 50% resulted in an average total return of 102.14% five years later. This works to an average annual total return of 15.1%, or roughly 50% higher per annum than the historical average. tastytrade, Inc. ("tastytrade”) is a registered broker-dealer and member of FINRA, NFA, and SIPC. tastytrade was previously known as tastyworks, Inc. (“tastyworks”). tastytrade offers self-directed brokerage accounts to its customers. tastytrade does not give financial or trading advice, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastytrade’s systems, services or products. tastytrade is a wholly-owned subsidiary of tastylive, Inc. VIX futures live ticked up to 17.2 in mid-day trading, reflecting increased hedging demand before major tech earnings. Equity analysts suggest S&P 500 may see tighter ranges unless volatility breaks above