India VIX sits above the Nifty's twenty day realised volatility on most sessions, and the two move together
In the daily data in this file, the change in India VIX and the change in the Nifty close were strongly negatively related. On most sessions when the index fell, VIX rose, and when the index rallied, VIX eased. That is the relation traders watch on a screen, but it describes one file, not a law.
The levels tell a different part of the story. The chart compares India VIX with the Nifty's twenty day realised volatility, the volatility the index actually delivered over the previous twenty sessions. The two rise and fall together, and the correlation of the levels is strongly positive, so implied and realised volatility follow one another.
VIX usually sits above realised volatility. Over this file, VIX was above the twenty day realised figure on most sessions. The gap is roughly what option sellers are paid, and it is what they lose when a move arrives faster than the price allowed for. The variance risk premium proper compares VIX with the volatility that follows it, so this chart is only a stand in, and the gap is not a fixed amount.
The relation is a description of the past. It does not say that the Nifty will fall on a given day because VIX has risen, and it does not say that a high VIX will be followed by a fall. The high VIX page shows the sessions that break the simple reading. The series ends on 15 Sep 2026.
Before you trade. Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. Read the SEBI study